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Japan's Seven & i names new CEO, announces restructuring

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Seven & i Holdings, the Japanese operator of the 7-Eleven convenience store chain, announced a change of CEO and plans to restructure its business in the face of a $47 billion foreign takeover bid. Lead outside director Stephen Dacus will succeed Ryuichi Isaka as chief executive on May 27,
Japan's Seven & i Holdings, the parent company of 7-Eleven, has announced a significant leadership change and a strategic restructuring plan. Ryuichi Isaka, the current president and COO, will succeed Katsuhiro Goto as CEO starting in September. This transition comes amidst pressure from activist investors like ValueAct Capital, which has been pushing for a spin-off of the 7-Eleven convenience store chain to enhance shareholder value. The company has decided against the spin-off but will instead focus on streamlining its operations by selling off its department store and supermarket businesses. This move aims to concentrate on its core convenience store operations, which are seen as more profitable and aligned with future growth strategies. Additionally, Seven & i plans to invest in digital transformation and overseas expansion to bolster its market position.

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[ https://www.msn.com/en-us/money/companies/japan-s-seven-i-names-new-ceo-announces-restructuring/ar-AA1AlXNX ]