Seven & I Holdings, the Japanese operator of the 7-Eleven convenience store chain, has appointed Stephen Dacus as its first foreign CEO. Dacus, who will take over on May 27, faces the task of restructuring the company to counter a $47 billion takeover offer from Canadian firm Alimentation Couche-Tard (ACT). The appointment follows a challenging six months during which Seven & I also announced the sale of its superstore unit to Bain Capital for 814.7 billion yen ($5.50 billion) and plans to reduce its stake in Seven Bank to below 40%. Additionally, the company will buy back shares worth about 2 trillion yen ($13.5 billion) through fiscal year 2030 and aims to list its North American subsidiary by the second half of 2026. Dacus, who has previously held executive roles at Walmart and Fast Retailing, emphasized the regulatory hurdles of a merger with ACT. Despite the restructuring efforts, some analysts believe ACT’s interest in Seven & I may continue, particularly in its convenience store businesses. Former CEO Ryuichi Isaka’s tenure faced criticism for strategic missteps, including the $21 billion acquisition of Speedway gas stations. Dacus plans to focus on expanding the food-centered strategy in the US market. If ACT succeeds, it would mark the largest foreign takeover of a Japanese company. — news from CNN International
