Circle K Owner Names New CEO After Fuel Sales Drag on Earnings

Alimentation Couche-Tard Inc., Canada’s most valuable retailer, tapped Chief Operating Officer Alex Miller to take over as chief executive officer as the company explores more merger and acquisition deals.

Miller, who has been with the company almost 13 years, will take over Sept. 6 when Brian Hannasch retires. Miller will be only the company’s third CEO in its almost 45-year history.

Couche-Tard, which operates the Circle K brand of convenience stores, announced the management shakeup Wednesday after reporting lower-than-expected profit amid weaker fuel sales.

The Quebec-based company’s shares fell as much as 5.7%, their biggest intraday drop in three ...