Stephen Hayes Dacus becomes first foreign CEO of 7-Eleven in Japan
TOKYO (AP) — Stephen Hayes Dacus was approved Tuesday to be the new chief executive of the operator of 7-Eleven, the first foreigner to lead the Japanese convenience store chain.
The American with a Japanese mother was appointed earlier this year to be chief executive of Seven & i Holdings Co., which operates the stores, known as “konbini” in Japan.
An acquisition proposal by Alimentation Couche-Tard of Canada, which the company has so far rejected, was not up for vote at the shareholders’ meeting. The companies are discussing the proposal and Seven & i is conducting an internal study.
Dacus has promised further growth for the business, which has been widening its overseas appeal. The 7-Eleven chain is the biggest convenience store chain in the U.S. But some analysts say there are challenges in the Japanese market, where the population is rapidly aging and competition is fierce among konbini brands.
Fluent in Japanese and English, Dacus previously worked at Walmart, Japanese clothing chain Uniqlo and other retailers. Shareholders appeared to have high hopes for his leadership and the rest of the new team that also won their approval. It remains unclear whether the company is going to go it alone or decide to collaborate with Couche-Tard.
The 7-Eleven stores in Japan sell everything from ice cream to batteries to health needs and hot meals. Some stores allow customers to pay utility bills or use the copier machine. They also work with local governments to help out during disasters, providing water, relief supplies, toilet facilities and emergency information.
READ: Couche-Tard signs non-disclosure agreement with Seven & i amid takeover discussions
Nikkei Asia is also reporting that Seven & i Holdings has obtained shareholder backing for its reshuffled management on Tuesday, as the company tries to fend off a takeover bid from Couche-Tard.
According to Nikkei Asia, the shareholder backing came during the company’s an annual general meeting. At the meeting, Ryuichi Isaka, who is stepping down as CEO on Tuesday, updated the shareholders about the status of negotiations with Couche-Tard.
"We are currently engaged in constructive discussions led by a special committee," he said. "However, the proposal from Couche-Tard requires approval from the relevant regulatory authorities under U.S. antitrust laws, and at this stage, the certainty of the transaction's completion cannot be guaranteed.”
Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama and with additional reporting from Nikkei Asia.
