28-05-2025
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.
