Seven & i Holdings, parent company of 7-Eleven, plans to shuffle its board of directors next month as the company approaches its North American IPO and continues to mull a megamerger with Alimentation Couche-Tard.
The changes will start at the top, with Junro Ito, Seven & i’s vice president and representative director, expected to become executive chairperson, according to a letter sent to shareholders on Thursday.
A member of Seven & i’s founding family, Ito “will focus on fostering relationships with broader stakeholders, including employees and franchisees,” according to the letter. He also will work closely with incoming CEO Stephen Dacus, Seven & i said.
Late last year, Ito and shareholder group Ito-Kogyo spearheaded a proposed $58 billion buyout of Seven & i. That bid failed in February after the group was unable to secure financing.
Meanwhile, current director Fuminao Hachiuma will be named chairperson of the board and lead independent outside director. In this position, Hachiuma will be tasked with “strengthening coordination and communication between the independent outside directors and senior management and promoting regular constructive dialogue with shareholders and investors,” Seven & i said in the letter.
Hachiuma is taking the role that has been held by Dacus for the past year. The incoming CEO is leaving that position as part of Seven & i’s policy to separate its chairperson of the board and CEO roles, Seven & i said in Thursday’s letter.
Seven & i is also nominating four new people to its board of directors, all of whom are from outside the company. They include Takashi Sawada, former president of Japanese c-store chain FamilyMart; Masaki Akita, director, chair and chairperson of the board for Japanese food company Matsuya; Tatsuya Terazawa, chairman and CEO of the Institute of Energy Economics, Japan; and Christine Edman, former president of fashion brand H&M Hennes & Mauritz Japan.
The six board proposals will be voted on during Seven & i’s annual shareholder meeting on May 27.
Seven & i is nominating these new candidates after three members — Jenifer Simms Rogers, Elizabeth Miin Meyerdirk and 7-Eleven Inc. CEO Joseph DePinto — left the board earlier this year. Two more directors, Fumihiko Nagamatsu and Toshiro Yonemura, are expected to retire from the board as of the May 27 meeting, according to a separate company announcement.
Although Seven & i remained focused on its North America IPO for 7-Eleven in 2026, its potential merger with Couche-Tard remains uncertain.
In its announcement on Thursday, the Japanese retailer said its special committee “continues to engage constructively” with Couche-Tard, adding that the companies are looking for a ”clear path to antitrust regulatory approval” so a merger could be completed if agreed upon.
