Japan's Seven & i Holdings has appointed Stephen Dacus as its new president and CEO amid efforts to fend off a takeover bid from Canada's Alimentation Couche-Tard. Dacus, a former Walmart Japan head and fluent in Japanese, will succeed Ryuichi Isaka in May. The company plans to sell non-convenience assets for $5.4 billion to Bain Capital and is considering a U.S. IPO of its North American 7-Eleven operations by the end of 2026. This restructuring reflects a strategic pivot to enhance shareholder value and customer experience, as indicated by prior warnings regarding the undervaluation of the business.
Dacus, the former head of Walmart in Japan, will succeed Ryuichi Isaka in May. He is Seven & i's first non-Japanese CEO, indicating a significant leadership transition.
The restructuring follows Seven & i's rejection of a takeover bid by Canada's Alimentation Couche-Tard, which owns Circle K among other convenience chains.
Seven & i said it plans to sell some non-convenience store assets, including supermarkets, to Bain Capital for $5.4 billion US, closing in September.
Dacus mentioned the previous bid had undervalued the convenience store business and didn't address U.S. regulatory concerns, highlighting the complexity of the situation.
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