Longtime 7-Eleven executive named co-CEO of 7-Eleven International LLC
Move follows the formation of 7IN, which sets out to combine the strengths of co-owners 7-Eleven, Inc. and Seven-Eleven Japan.
Ken Wakabayashi will now lead the 7-Eleven brand’s global growth strategy alongside Co-CEO, Shinji Abe
Ken Wakabayashi is stepping into a new role as co-CEO of 7-Eleven International LLC (7IN).
This announcement follows the formation of 7IN, which sets out to combine the strengths that joint owners 7-Eleven, Inc. and Seven-Eleven Japan have cultivated in their local markets. According to a company release, "the new entity, 7IN will able to better leverage 7-Eleven's product development capabilities, digital technology and environmental, social and governance (ESG) initiatives, while maintaining its position as a global brand."
Previously, Wakabayashi was 7-Eleven, Inc.'s SVP, head of international. He will now lead the 7-Eleven brand's global growth strategy alongside co-CEO, Shinji Abe, from Seven-Eleven Japan.
"We are thrilled to offer our congratulations to Ken Wakabayashi on this exciting new role," said Joe DePinto, 7-Eleven, Inc. president and CEO. "With this move, Ken will help lead the 7IN team to further our global growth strategy and provide world-class value and support to our International Licensees and Master Franchisees."
As co-CEOs of 7IN, Wakabayashi and Abe will be responsible for all operations outside North America and Japan, as well as overseeing the 7–Eleven trademark globally. This team will further enhance providing world-class support to existing Licensees and Master Franchisees and focus on expanding the 7-Eleven brand into new territories.
"This change reinforces 7-Eleven, Inc.'s and Seven-Eleven Japan's commitment to the growth of the 7–Eleven brand and to providing value and support to our Licensee and Master Franchisee organizations," said Wakabayashi. "We are well positioned for growth and long-term value creation as we focus on expanding the brand into new territories and provide an enhanced support structure for our existing territories."
In addition, DePinto; EVP and COO Chris Tanco; and EVP and CFO Stan Reynolds from 7-Eleven, Inc. will serve on the 7IN Board of Directors, along with Wakabayashi.
Based in Irving, Texas, 7-Eleven operates, franchises and/or licenses more than 14,000 stores in the U.S. and Canada. With offices in Dallas, Texas and Tokyo, Japan, 7–Eleven International master franchises and/or licenses more than 41,000 stores in 14 countries and regions. The iconic brand also operates corporate and/or franchise stores in the U.S., Canada, Mexico and Japan. Globally, the 7-Eleven trademark is represented in more than 77,000 stores.