Seven & i shareholders approve first foreign president
Shareholders of Japanese retail giant Seven & i Holdings have approved the appointment of Stephen Dacus as its new president. He becomes the first foreigner to lead the company.
The operator of the 7-Eleven convenience store chain held a shareholders' meeting in Tokyo on Tuesday.
Seven proposals put forward by the board were approved. They include the appointment as chairman of Ito Junro, a member of the group's founding family.
One shareholder asked how the firm will deal with a buyout proposal from Alimentation Couche-Tard. Seven & i is seeking to fend off the takeover bid from the Canadian company, which runs convenience-stores in North America.
Seven & i has said it plans to sell off non-core businesses and focus on convenience stores to improve corporate value on its own.
One shareholder from Saitama said after the meeting "I think the company needs to work hard under the new president to survive intensifying competition."
Another participant from Chiba said " We were informed about what is going on with Alimentation Couche-Tard, so shareholders are getting a clearer picture."
Dacus is a former CEO of Japanese supermarket chain, Seiyu. He has pledged to expand the 7-Eleven network outside Japan to boost profits.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NHK
an hour ago
- NHK
Authorities reportedly order penalty taxes for high income from supercar resales
NHK has learned that Japanese tax authorities have ordered a former director of an Osaka-based medical corporation to pay penalty taxes for failing to declare income worth millions of dollars from reselling exclusive supercars. Informed sources say the 64-year-old man did not report income from resales of several luxury cars, including a Ferrari, over the four years through December 2023. The sources say the Tokyo Regional Taxation Bureau and others notified the man that he failed to declare about 500 million yen, or roughly 3.4 million dollars, and authorities imposed back taxes of about 2 million dollars. Tax authorities are stepping up their investigations on supercar sales as some pre-owned vehicles are traded at higher prices than when they were brand new. Income from sales of essentials such as vehicles for commuting are not subject to taxation. But the tax bureau appears to have judged otherwise, as the man resold his vehicles multiple times for his hobby and investment purposes. NHK has tried to contact the man for an interview, but he has yet to respond. The Japan Automobile Importers Association said the number of imported new foreign brand vehicles priced at around 138,000 dollars or higher and registered in the country was at a record high last year for the fourth consecutive year. Such data-taking began in 2003. The association said the figure increased by about 1,000 to 8,400 compared with 2023. The vehicles include Ferraris and Lamborghinis. At a pre-owned supercar dealership in Yokohama, a 2015-model of Ferrari, which had originally sold for about 241,000 dollars, was priced at around 414,000 dollars. The staff of the dealership said used supercars in Japan are popular overseas as they are often in good condition. They said the vehicles are attracting brokers from the Middle East and other regions. Koike Junji of the Aria Garage dealership said it is surprising that in recent years, some people overseas purchased vehicles of limited editions by phone without actually seeing them. He said that partly due to the weaker yen, such luxury vehicles are often sold to other countries. Racing driver and auto critic Takei Hirofumi said supercars are purchased mainly by the wealthy, and the vehicle prices can go up easily as they are regarded as investments. He said each supercar is engraved with a chassis number, which he said lowers the risk of buying counterfeits. He said many wealthy people are profiting from investing in supercars and reselling them. As asset management methods are becoming diversified and globalized, the National Tax Agency is stepping up its investigations on undeclared income among affluent people by forming a special team.
an hour ago
3 Opposition Leaders to Meet with Ishiba on Thursday
News from Japan Politics Jun 10, 2025 22:36 (JST) Tokyo, June 10 (Jiji Press)--Leaders of three Japanese opposition parties plan to meet with Prime Minister Shigeru Ishiba on Thursday for talks on Japan-U.S. tariff negotiations, people familiar with the matter said Tuesday. The three opposition parties are the Constitutional Democratic Party of Japan, Nippon Ishin no Kai (Japan Innovation Party) and the Democratic Party for the People. Ishiba, who leads the governing Liberal Democratic Party, had proposed that leaders of ruling and opposition parties meet on Thursday to discuss the tariff talks. While Ishiba hopes to build momentum for cooperation between the ruling and opposition sides, some opposition lawmakers are calling for submitting a no-confidence motion against his cabinet ahead of a House of Councillors election this summer. Ishiba and opposition leaders are also scheduled to meet for a parliamentary debate on Wednesday. [Copyright The Jiji Press, Ltd.] Jiji Press
NHK
3 hours ago
- NHK
June 10 NEWSROOM TOKYO Bangkok Live
Lineup: 1. 15 university students killed in Malaysia bus crash 2. India woos foreign automakers to boost domestic EV production 3. Bhutan gets a hand from Japan to fight stomach cancer
