Jean Coutu president to retire next month

François J. Coutu is retiring as president of Jean Coutu Group, the Canadian pharmacy chain his father founded in 1969.

Nearly two years ago, Metro purchased Jean Coutu Group's network of more than 1,300 stores for $4.5 billion. Coutu (pictured left) was instrumental in the acquisition and continued to head the pharmacy company, which operates as a separate division of the grocery company.

"Having devoted most of my professional life to the Jean Coutu Group and seeing how the combination with Metro is now well on track to ensure its sustainability over time, I have decided to retire knowing that I'm leaving in place a great brand, a strong business model and an excellent team," said Coutu, who officially steps down May 31.

Coutu will retain ownership of three pharmacies under the Jean Coutu PJC banner.

Alain Champagne will succeed Coutu as president.