Seven & i is also planning an IPO for its U.S. convenience business.
Seven & i Holdings Co., Ltd. today announced that Stephen Hayes Dacus, currently chairman of the board as the lead independent outside director, will succeed Ryuichi Isaka as president & representative director and CEO, according to a press release.
The appointment will be effective after the group’s Annual General Meeting.
Isaka will continue to serve as a senior advisor to the group.
Dacus has been a member of the board since May 2022 and was appointed chairman and lead independent outside director in April 2024.
During his tenure he has had an integral role in overseeing the group’s value creation strategy as chairman of the strategy committee and chairman of the special committee.
Dacus is a “fluent Japanese speaker with significant executive, financial and operational experience working with consumer and retail companies in Japan and globally,” said Seven & i.
Ryuichi Isaka, president, said: “The Group is executing key actions that are concrete, actionable and value accretive.
We have been on a journey to explore opportunities that create the most value for our shareholders and enhance our customers’ experiences around the world.
This is the right time to move these initiatives forward, and the management team is excited to execute our transformation strategy while remaining focused on identifying avenues to continue driving shareholder value.”
The company also plans to pursue an IPO of SEI, its convenience store business in North America known as 7-Eleven, by the second half of 2026 on one of the major U.S. stock exchanges.
Earlier this week, Seven & i Holdings reportedly planned to reject the takeover offer from Alimentation Couche-Tard, which operates Circle K globally, and instead seek to enhance corporate value on its own.
“The Canadian retailer has offered $18.19 a share for Seven & i, which represents a premium of almost one third from the current share price, based on Thursday’s [February 27] yen exchange rate,” wrote Reuters.
However, in a statement, a Seven & i spokesperson said it “remains committed to exploring all opportunities to unlock value for shareholders and continues to assess a full range of strategic alternatives, including the proposal” from Couche-Tard.
It said its special committee is “engaging constructively” with Couche-Tard.
In February, the founding Ito family of Seven & i Holdings failed to secure the money to buy out the company.
The announcement came months after the family launched a bid worth over $50 billion.
“There is no actionable proposal from Mr. Junro Ito and Ito-Kogyo for Seven & i to consider at this time,” the company said in a statement.
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