Seven & i Holdings Co. Chief Executive Officer Ryuichi Isaka is set to step down, with board member Stephen Dacus poised to take his place, according to a report by the Nikkei. The newspaper did not disclose its sources.
Dacus, who has been leading a special committee assessing a takeover bid from Canada’s Alimentation Couche-Tard Inc., joined Seven & i’s board in 2022. His appointment came as part of a restructuring driven by activist investor ValueAct Capital Management LP, which pushed the company to focus on its convenience store business. Previously, Dacus served as senior vice president at Fast Retailing Co. and led Walmart’s Japan operations, now known as Seiyu Holdings Co., according to the company’s website.
The leadership shake-up follows the collapse of a ¥9 trillion ($59.9 billion) management buyout proposal from Seven & i’s founding Ito family and Itochu Corp. The failure of the bid last week sent the company’s shares tumbling, prompting renewed scrutiny over its strategic direction, including the ongoing takeover proposal from Couche-Tard.
Originally devised in November as a defense against Couche-Tard’s offer—valuing Seven & i at approximately $47 billion—the buyout’s failure has left Isaka with little choice but to engage in negotiations with the Canadian retailer.
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