Seven & i Holdings Co. CEO Ryuichi Isaka is reportedly stepping down.
Board member Stephen Dacus, who previously headed a special committee to evaluate a takeover proposal from Canada's Alimentation Couche-Tard Inc., will take over the position, the report said.
Dacus joined Seven & i's board as an outside member in 2022 when Seven & i restructured its board under pressure from activist investor ValueAct Capital Management LP, which called on the company to focus on its convenience store business. He was previously a senior vice president at Japanese apparel maker Fast Retailing and head of Walmart's Japan operations, and is currently at Seiyu Holdings Co., according to Seven & i's website.
Ryuichi Isaka
A 9 trillion yen ($59.9 billion) management buyout by Seven & i's founders, the Ito family and Itochu Corp., collapsed last week, sending the stock tumbling and prompting the company to consider all other strategic options, including a takeover bid from Couche-Tard.
The Ito family's takeover bid was originally floated in November as a way to fend off a takeover bid from Couche-Tard that valued the Japanese retailer at nearly $47 billion. With the MBO plan collapsed, Seven & i's Isaka had no choice but to start talks with the Canadian retailer.