SEVEN & I FINALISING PLAN FOR PRESIDENT ISAKA TO STEP DOWN – President Ryuichi Isaka will resign and is set to be replaced by director Stephen Dacus
Seven & i Holdings, the Japanese retail giant which owns 7-Eleven convenience stores, is finalising a plan for its president to step down and be replaced by the company’s first foreign chief amid a takeover battle.
President Ryuichi Isaka will resign and is almost certain to be replaced by director Stephen Dacus, it is being reported.
Dacus, an outside director since 2022, heads a special committee to evaluate a $47 billion takeover bid from Canada’s Alimentation Couche-Tard and a take-private deal from Seven & i’s founding family that recently collapsed.
The company is set to hold a board meeting soon to finalise the plan, Nikkei added.
Isaka has been with the 7-Eleven convenience store operator since 1980, becoming its president in 2016. But his reign has been criticised by foreign investors, including ValueAct Capital, which tried to oust him, and more recently by Artisan Partners.
Seven & i’s shares initially jumped as much as 4.6% after the report. They were up 1% at the midday break.
