7-Eleven Owner Poised to Appoint First Foreign CEO Amid Takeover Uncertainty

Seven & i Holdings, the Japanese retail conglomerate behind 7-Eleven, is preparing to replace its current president and chief executive, Ryuichi Isaka, with its first foreign leader.

Stephen Dacus, a lead independent director and head of the company’s special committee, is expected to take over in the coming months, according to sources familiar with the matter.

The leadership transition comes as Seven & i navigates one of Japan’s largest takeover battles. The company is evaluating a $47 billion acquisition bid from Canada’s Alimentation Couche-Tard while also considering an independent growth strategy.

Dacus and the special committee are set to present new strategic proposals in the coming weeks, ahead of the company’s annual shareholder meeting in May, where his appointment could be finalized.

The succession plan follows the collapse of a separate $58 billion buyout attempt by Seven & i’s founding Ito family, which failed due to financing challenges. That deal’s failure led to a drop in the company’s stock price, leaving it with limited options: accept Couche-Tard’s bid or pursue a new direction under new leadership.

Dacus, an American executive with previous leadership roles at Walmart Japan and Fast Retailing (the owner of Uniqlo), has been instrumental in shaping corporate governance reforms at Seven & i. He became chair of the board in 2024 amid pressure from activist investors, including ValueAct Capital, which has called for the company to focus on its highly profitable 7-Eleven business while divesting less lucrative assets.

While Dacus is credited with improving governance, concerns remain about transparency in the special committee’s decision-making process, as the identities of other committee members have not been publicly disclosed.

Under Isaka’s leadership, Seven & i made significant acquisitions, including the $21 billion purchase of Speedway, a US fuel and convenience store chain. However, investor criticism of the company’s strategic direction has grown, with some funds urging a competitive bidding process for any potential buyout.

Seven & i’s stock initially surged 4.6% following reports of the leadership change before settling at a 1.8% gain in afternoon trading.

The Financial Times and Reuters contributed to this report.