Latest news with #Seven&i
Yahoo
29-05-2025
- Business
- Yahoo
Who is Stephen Dacus, Seven & i's new CEO?
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Over two months after revealing its leadership succession plan, Seven & i Holdings, parent of 7-Eleven, officially appointed Stephen Dacus as president and CEO at its annual board meeting on Tuesday, replacing Ryuichi Isaka. The 64-year-old Dacus, an American, is the first non-Japanese CEO in Seven & i's history. He assumes leadership during a potentially historic period for the company, which is mulling a takeover bid from Canadian retailer Alimentation Couche-Tard and also planning a 2026 IPO for 7-Eleven Inc. in North America. Here's a rundown of Dacus's business goals and background, which includes about three years at Seven & i and leadership roles with other international retailers. Dacus joined Seven & i in mid-2022 as an outside director. Two years later, he was named lead independent outside director, and was appointed chairperson of the board of directors last May. He was also chair of Seven & i's strategic and special committees, the latter of which has reviewed Couche-Tard's buyout offer since last year. Dacus previously served in leadership roles across multiple industries. He assumed his first CEO role in 2001 with condiment maker MasterFoods, according to his bio on the Seven & i website. He also spent more than eight years in a variety of leadership roles with Walmart, including senior vice president and CEO of Walmart Japan Holdings. He was also CEO of pan-Asian foods company Hana Group SAS. But Dacus's relationship with 7-Eleven stretches back to his childhood. His father was a 7-Eleven franchisee, and a young Dacus used to work the midnight shift at the store. '7-Eleven has always been important in my life,' Dacus said during a March press conference when his move to CEO was announced. It's unclear how much Dacus's earnings will increase after his promotion. His predecessor, Isaka, earned 341 million yen in 2024, equivalent to about $2.3 million at current conversion rates, according to Seven & i's latest securities report. Dacus' years of experience leading food-focused companies will be key as 7-Eleven continues to innovate around its foodservice program. In the U.S., 7-Eleven is in the midst of a three-year plan to open over 600 c-stores that add indoor seating and offer a larger product assortment and expanded food and beverage offerings compared to the rest of its locations. During the March press conference, Dacus said food is Seven & i's 'biggest long-term opportunity in the U.S.,' adding that the company is working with its Japanese suppliers to bring many of the offerings from its 7-Eleven stores in Japan to its 13,000 c-stores in North America. He also said Seven & i intends to leverage made-to-order options to boost its food appeal. 'The key is to stay out in front with really value-added food offerings,' Dacus said. 'If I'm being honest, it feels like we've been moving a bit too slow in that regard, and some of our competitors have moved a bit faster. We need to move faster.' Although 7-Eleven has roughly 85,000 stores in about 20 countries, Dacus isn't satisfied with the retailer's global presence. When asked what he'd do differently compared to his predecessor Isaka, Dacus said during the March press conference that he intends to accelerate 7-Eleven's international expansion beyond Japan and North America, adding that 'there are vast portions of the world' where 7-Eleven doesn't have any stores. 'The key is to stay out in front with really value-added food offerings. If I'm being honest, it feels like we've been moving a bit too slow in that regard, and some of our competitors have moved a bit faster. We need to move faster.' Stephen Dacus President and CEO of Seven & i Holdings 7-Eleven has plenty of growth potential in Europe, for instance, where it only has stores in Denmark, Norway and Sweden, according to 7-Eleven's website. The company has plans to reach 100,000 stores in 30 countries — up from the current 20 — by 2030. 'It will take time, but I believe that if we do this correctly, over the next generation, there's an enormous amount of opportunity for us around the world,' Dacus said. Recommended Reading 7-Eleven parent company appoints new CEO, plans US IPO Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Kyodo News
27-05-2025
- Business
- Kyodo News
New 7-Eleven parent CEO vows growth to shareholders amid buyout talks
KYODO NEWS - 13 hours ago - 18:39 | All, Japan The new top executive of Seven & i Holdings Co., the Japanese operator of the Seven-Eleven convenience store chain, said Tuesday that he is committed to growth over the next decade, as the retail giant strives to enhance its corporate value in the face of a takeover bid by a Canadian rival. Stephen Hayes Dacus was officially appointed as its first foreign CEO following approval at an annual shareholders meeting. At the meeting, the new CEO vowed "efforts in making sure that the next 10 years is better than the last 10 years," as Seven & i implements restructuring steps to focus more on the convenience store business, which has seen slowing growth in Japan and the United States. Its shareholders approved the appointments of Dacus, 64, and 12 other board members, including Junro Ito, a member of its founding family, 66, as chairman and Takashi Sawada, former president of rival convenience store operator FamilyMart Co., as outside director. Dacus, replacing Ryuichi Isaka, 67, became a Seven & i outside director in 2022 after working as an executive at various Japanese companies, including Fast Retailing Co., the owner of the Uniqlo clothing chain, and the operator of the Sushiro conveyor belt sushi restaurant chain. "I know how management of this business is to the people who run our business" on site, said Dacus, who has experience working during his teenage years at a 7-Eleven store in the United States owned by his father. "I also know how important it is for our stock and our performance to reflect that, so that our shareholders, who are also our customers, can benefit from the company's growth," said Dacus, who is a former CEO of the operator of rival retailer Seiyu Co., which was part of U.S. retail giant Walmart Inc. Seven & i said last year it had received a buyout offer of around 7 trillion yen ($49 billion) from Alimentation Couche-Tard Inc., the operator of the Circle K convenience stores. The Japanese company's special committee is examining the offer and the option of a go-it-alone path from the perspective of maximizing value for shareholders. When one shareholder suggested the company opt for the buyout during the meeting, Isaka said Seven & i will examine the "two options as we pursue constructive talks with (Couche-Tard) and the steady implementation of our own measures in parallel." Ito, along with Ito-Kogyo Co., which manages the founding family's assets, had sought to take the retail conglomerate private through a management buyout to block the takeover by Couche-Tard but gave up on the plan after struggling to raise funds. The deal, estimated to cost around 9 trillion yen, would have been the biggest management buyout in Japan. Seven & i outlined a series of restructuring plans such as the sale of its supermarket business and a massive share buyback to boost its corporate value in an apparent bid to fend off Couche-Tard's takeover attempt. Among reform steps, Seven & i agreed to sell its subsidiary operating the Ito-Yokado supermarket chain to U.S. private equity firm Bain Capital for 814.7 billion yen, while planning a U.S. listing for its U.S. 7-Eleven convenience store business unit in 2026. The company also said it will sell part of its shareholdings in Seven Bank Ltd. to deconsolidate the banking subsidiary. The Japanese company said in October last year it planned to change its name to "7-Eleven Corp." to emphasize its focus on the retail brand, pending shareholder approval at Tuesday's meeting. But the plan was not included in proposals to vote on at the shareholders' meeting, with more time needed for in-house coordination. Related coverage: Incoming Seven & i CEO vows faster decision-making amid buyout threat Couche-Tard not considering hostile takeover of Seven & i: chairman Seven & i appoints new CEO, hopes to fend off takeover bid
Japan Today
27-05-2025
- Business
- Japan Today
7-Eleven parent shareholders OK 1st foreign CEO amid buyout talks
The new top executive of Seven & i Holdings Co, the Japanese operator of the Seven-Eleven convenience store chain, said Tuesday that he is committed to growth over the next decade, as the retail giant strives to enhance its corporate value in the face of a takeover bid by a Canadian rival. Stephen Hayes Dacus was officially appointed as its first foreign CEO following approval at an annual shareholders meeting. At the meeting, the new CEO vowed "efforts in making sure that the next 10 years is better than the last 10 years," as Seven & i implements restructuring steps to focus more on the convenience store business, which has seen slowing growth in Japan and the United States. Its shareholders approved the appointments of Dacus, 64, and 12 other board members, including Junro Ito, a member of its founding family, 66, as chairman and Takashi Sawada, former president of rival convenience store operator FamilyMart Co, as outside director. Dacus, replacing Ryuichi Isaka, 67, became a Seven & i outside director in 2022 after working as an executive at various Japanese companies, including Fast Retailing Co, the owner of the Uniqlo clothing chain, and the operator of the Sushiro conveyor belt sushi restaurant chain. "I know how management of this business is to the people who run our business" on site, said Dacus, who has experience working during his teenage years at a 7-Eleven store in the United States owned by his father. "I also know how important it is for our stock and our performance to reflect that, so that our shareholders, who are also our customers, can benefit from the company's growth," said Dacus, who is a former CEO of the operator of rival retailer Seiyu Co, which was part of U.S. retail giant Walmart Inc. Seven & i said last year it had received a buyout offer of around 7 trillion yen ($49 billion) from Alimentation Couche-Tard Inc, the operator of the Circle K convenience stores. The Japanese company's special committee is examining the offer and the option of a go-it-alone path from the perspective of maximizing value for shareholders. When one shareholder suggested the company opt for the buyout during the meeting, Isaka said Seven & i will examine the "two options as we pursue constructive talks with (Couche-Tard) and the steady implementation of our own measures in parallel." Ito, along with Ito-Kogyo Co, which manages the founding family's assets, had sought to take the retail conglomerate private through a management buyout to block the takeover by Couche-Tard but gave up on the plan after struggling to raise funds. The deal, estimated to cost around 9 trillion yen, would have been the biggest management buyout in Japan. Seven & i outlined a series of restructuring plans such as the sale of its supermarket business and a massive share buyback to boost its corporate value in an apparent bid to fend off Couche-Tard's takeover attempt. Among reform steps, Seven & i agreed to sell its subsidiary operating the Ito-Yokado supermarket chain to U.S. private equity firm Bain Capital for 814.7 billion yen, while planning a U.S. listing for its U.S. 7-Eleven convenience store business unit in 2026. The company also said it will sell part of its shareholdings in Seven Bank Ltd. to deconsolidate the banking subsidiary. The Japanese company said in October last year it planned to change its name to "7-Eleven Corp" to emphasize its focus on the retail brand, pending shareholder approval at Tuesday's meeting. But the plan was not included in proposals to vote on at the shareholders' meeting, with more time needed for in-house coordination. © KYODO
The Mainichi
27-05-2025
- Business
- The Mainichi
7-Eleven parent shareholders OK 1st foreign CEO amid buyout talks
TOKYO (Kyodo) -- Shareholders of Seven & i Holdings Co., the Japanese operator of the Seven-Eleven convenience store chain, on Tuesday approved Stephen Hayes Dacus as its first foreign CEO, as the retail giant strives to enhance corporate value in the face of a takeover bid by a Canadian rival. At the company's annual shareholders' meeting, the new top executive vowed "efforts in making sure that the next 10 years is better than the last 10 years," as Seven & i implements restructuring steps to focus more on the convenience store business, which has seen slowing growth in Japan and the United States. Its shareholders approved the appointments of Dacus, 64, and 12 other board members, including Junro Ito, a member of its founding family, 66, as chairman and Takashi Sawada, former president of rival convenience store operator FamilyMart Co., as outside director. The new CEO, replacing Ryuichi Isaka, 67, became a Seven & i outside director in 2022 after working as an executive at various Japanese companies, including Fast Retailing Co., the owner of the Uniqlo clothing chain, and the operator of the Sushiro conveyor belt sushi restaurant chain. "I know how management of this business is to the people who run our business" on site, said Dacus, who has experience working during his teenage years at a 7-Eleven store in the United States owned by his father. "I also know how important it is for our stock and our performance to reflect that, so that our shareholders, who are also our customers, can benefit from the company's growth," said Dacus, who is a former CEO of the operator of rival retailer Seiyu Co., which was part of U.S. retail giant Walmart Inc. Seven & i said last year it had received a buyout offer of around 7 trillion yen ($49 billion) from Alimentation Couche-Tard Inc., the operator of the Circle K convenience stores. The Japanese company's special committee is examining the offer and the option of a go-it-alone path from the perspective of maximizing value for shareholders. Seven & i will examine the "two options as we pursue constructive talks with (Couche-Tard) and the steady implementation of our own measures in parallel," Isaka said at the meeting. Ito, along with Ito-Kogyo Co., which manages the founding family's assets, had sought to take the retail conglomerate private through a management buyout to block the takeover by Couche-Tard but gave up on the plan after struggling to raise funds. The deal, estimated to cost around 9 trillion yen, would have been the biggest management buyout in Japan. Seven & i outlined a series of restructuring plans such as the sale of its supermarket business and a massive share buyback to boost its corporate value in an apparent bid to fend off Couche-Tard's takeover attempt. Among reform steps, Seven & i agreed to sell its subsidiary operating the Ito-Yokado supermarket chain to U.S. private equity firm Bain Capital for 814.7 billion yen, while planning a U.S. listing for its U.S. 7-Eleven convenience store business unit in 2026. The company also said it will sell part of its shareholdings in Seven Bank Ltd. to deconsolidate the banking subsidiary. The Japanese company said in October last year it planned to change its name to "7-Eleven Corp." to emphasize its focus on the retail brand, pending shareholder approval at Tuesday's meeting. But the plan was not included in proposals to vote on at the shareholders' meeting, with more time needed for in-house coordination.
Forbes
27-05-2025
- Business
- Forbes
Shareholders Approve New Board As Couche-Tard Waits On 7-Eleven Deal
Despite Couche-Tard bid shareholders have given 7-Eleven's owner more time (Photo by Joe ...) Shareholders at 7-Eleven owner Seven & i Holdings have approved a new board for the Japanese convenience store giant at the company's annual general meeting, potentially putting an acquisition by Canada's Alimentation Couche-Tard on hold. Although some of the roughly 800 in attendance on Tuesday criticized the board's revamp and compensation, all of the company's proposals passed, according to Bloomberg. Led by Stephen Dacus, Seven & i's newly appointed chief executive officer and first foreign boss, investors appeared to be willing to see how a proposed radical overhaul put forward by the Japanese retailer to counter Couche-Tard's $51.5 billion approach. At the company's annual shareholders' meeting, Dacus vowed to push ahead with "efforts in making sure that the next 10 years is better than the last 10 years," as the group implements restructuring steps to focus more on its convenience store business, which has seen slowing growth in Japan and the U.S. Its shareholders approved the appointments of the 64-year-old Dacus and 12 other board members, including Junro Ito, a member of Seven & i's founding family, as chairman and Takashi Sawada, former president of rival convenience store operator FamilyMart Co., as an external director. The new CEO, replacing outgoing boss Ryuichi Isaka, became an external Seven & i director in 2022 after working as an executive at a number of Japanese companies, including Fast Retailing Co., owner of the Uniqlo fashion chain, and the operator of the Sushiro conveyor belt sushi restaurant chain. Although Seven & i has attempted to keep Circle K owner Couche-Tard at arm's length, the company recently signed a non-disclosure agreement to share financial data with its Canadian rival and agreed to explore a sale of around 2,000 overlapping North American convenience stores — a pre-requisite to avoid any antitrust issues. These steps appear to have been enough to put shareholders into wait-and-see mode. 'We will continue to provide information on progress to our shareholders while complying with the NDA,' Ryuichi Isaka, the outgoing CEO, said at the meeting. 'We will continue to compare and evaluate our plan with the external proposal, as we seek to maximize value for shareholders and all stakeholders.' Seven & i Holdings confirmed Stephen Dacus, as the company's first overseas CEO. (Photo by KAZUHIRO ... More NOGI/AFP via Getty Images) Seven & i will examine the "two options as we pursue constructive talks and the steady implementation of our own measures in parallel," Isaka added. Alain Bouchard, Couche-Tard's chairman, has said he may propose a higher price for Seven & i once he has had the chance to inspect the Japanese company's financial information. Meantime, among a number of proposed internal reforms, Seven & i has agreed to sell its subsidiary operating the Ito-Yokado supermarket chain to U.S. private equity firm Bain Capital for around $5.7 billion, while it wants to achieve a U.S. listing for its 7-Eleven convenience store business unit in 2026. The company also said it will sell part of its shareholdings in Seven Bank Ltd. to deconsolidate the banking subsidiary. The Japanese company said in fall last that it planned to change its name to 7-Eleven Corp. to emphasize its focus on the retail brand, pending shareholder approval at Tuesday's meeting. However, that plan was not included in voting proposals company said that more time was needed for in-house coordination. While Seven & i's shares have bounced back from lows after the restructuring measures were first announced, its market value remains at around $39 billion, nearly a quarter below the price the Couche-Tard is willing to pay. The NDA between the companies includes a so-called standstill provision, usually designed to prevent a potential buyer from making a hostile bid. In the meantime, it will likely take months for Couche-Tard to fully evaluate Seven & i's financials and for the company to demonstrate that its restructuring efforts are working.
