7-Eleven Parent Co. Could Soon Have New CEO
A leadership change could be in the offing at 7-Eleven parent company, Seven & i Holdings.
According to a report from Convenience Store News, a sister publication of Store Brands, the company is close to naming Stephen Hayes Dacus as its new chief executive officer. He currently serves as the company’s chairman of the board. Current Seven & i Holdings’ President and CEO Ryuichi Isaka is expected to step down.
News of the possible change was first reported by Nikkei Asia. A decision is expected on March 6.
In a statement, Seven & i acknowledged the report and said no decisions has been made at this time.
News of a possible CEO change at Seven & i comes as the company faces a multi-billion dollar takeover bid from Alimentation Couche-Tard. News of the bid broke this past August and was initially valued at $39 billion and later upped to $47 billion.
A $58 billion buyout management buyout from Ito-Kogyo, a company with ties to company Vice President Junro Ito who is the son of the late Seven & i Holding’s honorary chairman Masatoshi Ito, ultimately failed.
Hayes Dacus, who appears to be the frontrunner for the CEO spot, served as chair of a special committee to review all takeover bids received by Seven & i. This included bids from Couche-Tard and Ito along with any initiatives that could have been implemented on its own.
Based in Irving, Tex., 7-Eleven Inc. operates, franchises and/or licenses more than 13,000 stores in the United States and Canada. It also operates and franchises Speedway, Stripes, Laredo Taco Co., and Raise the Roost Chicken and Biscuits locations.
