Michel Coutu resigns from Rite Aid board

NEW YORK — Rite Aid board member Michel Coutu has resigned, effective Wednesday, according to a Securities and Exchange Commission filing.

Coutu's notification follows an announcement by The Jean Coutu Group Tuesday that it had sold 72.5 million Rite Aid shares, reducing its stake in the company to 11.7%.

In addition, board member and former chairman Mary Sammons notified the company Wednesday that she wouldn't seek reelection as a director at its annual shareholder meeting.