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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.
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Jean Coutu Group sells 72.5 million shares of Rite Aid stock
NEW YORK — The Jean Coutu Group sold 72.5 million of its 178.4 million shares of Rite Aid stock, according to a Securities and Exchange Commission filing Monday and company announcement Tuesday.
The Canadian retail pharmacy group said it sold the shares for $158.5 million and would record a gain of $49.7 million in its net profit during first quarter 2014. The sale brings Jean Coutu's stake in Rite Aid down to 11.7%, the company said.