Latest news with #StephenHayesDacus
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
Asahi Shimbun
27-05-2025
- Business
- Asahi Shimbun
Stephen Hayes Dacus becomes first foreign CEO of 7-Eleven in Japan
Stephen Hayes Dacus was approved Tuesday to be the new chief executive of the operator of 7-Eleven, the first foreigner to lead the Japanese convenience store chain. The American with a Japanese mother was appointed earlier this year to be chief executive of Seven & i Holdings Co., which operates the stores, known as 'konbini' in Japan. An acquisition proposal by Alimentation Couche-Tard of Canada, which the company has so far rejected, was not up for vote at the shareholders' meeting. The companies are discussing the proposal and Seven & i is conducting an internal study. Dacus has promised further growth for the business, which has been widening its overseas appeal. The 7-Eleven chain is the biggest convenience store chain in the U.S. But some analysts say there are challenges in the Japanese market, where the population is rapidly aging and competition is fierce among konbini brands. Fluent in Japanese and English, Dacus previously worked at Walmart, Japanese clothing chain Uniqlo and other retailers. Shareholders appeared to have high hopes for his leadership and the rest of the new team that also won their approval. It remains unclear whether the company is going to go it alone or decide to collaborate with Couche-Tard. The 7-Eleven stores in Japan sell everything from ice cream to batteries to health needs and hot meals. Some stores allow customers to pay utility bills or use the copier machine. They also work with local governments to help out during disasters, providing water, relief supplies, toilet facilities and emergency information.
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
Toronto Sun
27-05-2025
- Business
- Toronto Sun
Stephen Hayes Dacus becomes first foreign CEO of 7-Eleven in Japan
Published May 27, 2025 • 1 minute read Stephen Hayes Dacus, who was tapped to be the next chief executive of Seven & i Holdings, which operates the 7-Eleven convenience store chain, poses for a photo at the company's headquarters in Tokyo, April 25, 2025. Photo by Yuri Kageyama / AP TOKYO — Stephen Hayes Dacus was approved Tuesday to be the new chief executive of the operator of 7-Eleven, the first foreigner to lead the Japanese convenience store chain. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The American with a Japanese mother was appointed earlier this year to be chief executive of Seven & i Holdings Co., which operates the stores, known as 'konbini' in Japan. An acquisition proposal by Alimentation Couche-Tard of Canada, which the company has so far rejected, was not up for vote at the shareholders' meeting. The companies are discussing the proposal and Seven & i is conducting an internal study. Dacus has promised further growth for the business, which has been widening its overseas appeal. The 7-Eleven chain is the biggest convenience store chain in the U.S. But some analysts say there are challenges in the Japanese market, where the population is rapidly aging and competition is fierce among konbini brands. This advertisement has not loaded yet, but your article continues below. Fluent in Japanese and English, Dacus previously worked at Walmart, Japanese clothing chain Uniqlo and other retailers. Shareholders appeared to have high hopes for his leadership and the rest of the new team that also won their approval. It remains unclear whether the company is going to go it alone or decide to collaborate with Couche-Tard. The 7-Eleven stores in Japan sell everything from ice cream to batteries to health needs and hot meals. Some stores allow customers to pay utility bills or use the copier machine. They also work with local governments to help out during disasters, providing water, relief supplies, toilet facilities and emergency information. Columnists Ontario Sunshine Girls Relationships Sunshine Girls
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.
