TOKYO (dpa-AFX) - In a bid to fend off a $47 billion takeover attempt by Canadian rival Alimentation Couche-Tard, Seven & i Holdings, the parent company of 7-Eleven, announced a major leadership and business overhaul.
The company appointed Stephen Dacus, a veteran American retail executive, as its first foreign-born CEO. Dacus, who brings extensive experience in Japan's retail sector, will assume the role in May.
As part of its restructuring, Seven & i plans to publicly list its North American convenience store business, which operates more than 13,000 7-Eleven locations across the U.S. The company also revealed it will sell non-core retail assets to Bain Capital for approximately $5.5 billion and intends to repurchase over $13 billion worth of shares by 2030 to enhance shareholder value.
The strategic shift follows increasing pressure from activist investors urging Seven & i to spin off its lucrative 7-Eleven division, arguing it would unlock greater value for the sprawling retail group.
The takeover bid by Couche-Tard, the owner of Circle K, is the largest-ever foreign-led attempt to acquire a Japanese company. Meanwhile, a competing buyout proposal led by the founding Ito family recently collapsed due to a failure to secure sufficient financing.
Dacus, who previously held senior roles at Walmart Japan and Fast Retailing, outlined a vision to reposition Seven & i as a global convenience store leader. He emphasized plans to expand the company's high-quality food offerings into overseas markets, particularly the U.S.
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