Latest news with #StephenDacus
Forbes
7 days ago
- Business
- Forbes
Ito Family's Seven & i Gets Back To Basics To Ward Off $47 Billion Takeover Bid From Circle K Owner
KAZUHIRO NOGI/AFP via Getty Images This story is part of Forbes' coverage of Japan's Richest 2025. See the full list here. Facing activist investors and an unsolicited bid of nearly $50 billion from Canadian retailer Alimentation Couche-Tard (ACT), Seven & i Holdings, owner of the 7-Eleven convenience store chain, announced measures in March to improve profitability. ss They include a ¥2 trillion ($14 billion) share buyback through 2030; plans to list its U.S. 7-Eleven stores in 2026; and the sale of non-core retail assets to U.S. PE firm Bain Capital for ¥815 billion. Ito family heir, Junro, son of late founder Masatoshi, was promoted to chairman from vice president and retail veteran Stephen Dacus was brought on board as the company's first non-Japanese CEO. The $69 billion in revenue ACT, which has about 17,000 Circle K and other stores globally, was reported to have initially made a $39 billion bid for Seven & i last August before revising it upward in January. Seven & i, which had roughly 87,000 outlets worldwide and revenue of nearly ¥12 trillion in the year through February, rejected the improved offer but in May agreed to open its books to ACT. Any deal would be one of the largest foreign takeovers of a Japanese company.
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
NHK
28-05-2025
- Business
- NHK
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.
Globe and Mail
27-05-2025
- Business
- Globe and Mail
7-Eleven shareholders back management as Japanese owner fights Couche-Tard takeover bid
Seven & i Holdings Co. SVNDF executives faced shareholders for the first time Tuesday since Canadian convenience store giant Alimentation Couche-Tard Inc. ATD-T launched an audacious takeover bid for the Japanese owner of the global 7-Eleven chain. For almost a year now, Seven & i has been trying to stave off Couche-Tard's offer — now standing at 7.4-trillion yen (US$52-billion) — which would be the largest foreign buyout of a Japanese company in that country's history. This reticence has not only caused frustration in Canada, but also for some Seven & i investors, who have long complained not enough is being done to provide value to shareholders in the world's leading convenience store chain. But despite these grumblings, Seven & i management secured shareholder backing for all their proposals at an annual general meeting Tuesday, Japan's Nikkei newspaper reported. These include appointing a new executive team, spinning off several subsidiaries and holding an initial public offering for 7-Eleven's U.S. arm by next year. '7-Eleven has enormous global potential,' said Seven & i CEO Stephen Dacus, according to Nikkei. 'We aim to realize this potential with your co-operation.' Mr. Dacus, an American former Walmart executive, was appointed to the top job in March, having previously served as an independent director of a special committee evaluating Couche-Tard's takeover approach. That move had attracted criticism, including from activist investor Artisan Partners, which had unsuccessfully urged other shareholders to reject Mr. Dacus and push the company to engage with the Canadians. Despite the apparent vote of confidence in Seven & i's conservative approach Tuesday, there has been some progress toward a potential sale, which is still favoured by the market at large. Earlier this month, Couche-Tard was granted access to Seven & i's confidential financial data after months of effort, a critical step in its bid to take over its Japanese convenience store rival. A non-disclosure pact signed by both companies will facilitate the type of due diligence and discussions on potential regulatory hurdles to a takeover that Seven & i has said is vital before it can consider the offer, but has so far refused to facilitate. Previously, Couche-Tard had complained about 'very limited' engagement from Seven & i. Couche-Tard founder and chairman Alain Bouchard said in March his team had tried repeatedly to meet with Seven & i executives to talk about a deal but that 'it is hard if not impossible.' Couche-Tard takes the fight for 7-Eleven to Japan 'The execution of the NDA is a positive step in the constructive engagement process' with Couche-Tard, said Paul Yonamine, chair of Seven & i's independent special committee. 'Unlocking significant value for shareholders and other stakeholders remains Seven & i's top priority,' he said. The Japanese company is pursuing a dual-track effort in its bid to create that value: Exploring a possible sale to Couche-Tard or going it alone as a more focused business. As part of plans to remain independent, it is selling its underperforming supermarkets and has announced plans to list a portion of its U.S. retail operation to fund a massive stock buyback. Seven & i has said Couche-Tard is playing down the antitrust risks of a potential merger of the two retail giants, vowing it won't be drawn into 'limbo for multiple years' as regulators decide its fate. The Tokyo company has said its directors have always been open to a merger or go-private transaction, but only if there's a high certainty that a deal will close. Couche-Tard executives have said there is 'a path to regulatory approval' in the United States. But Mr. Dacus has expressed doubts about that claim. 'They just kept saying, 'Trust us. We can do this. We'll work it out,'' the Seven & i CEO told the Yomiuri Shimbun newspaper in March. He said although Couche-Tard has experience in winning antitrust approval for previous takeovers, many of those have been small deals and nothing on the scale of this potential tie-up. The U.S. Federal Trade Commission will be 'much stricter' in this case, he said.
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.
