Seven & i Holdings (7&i), operator of 7-Eleven, has officially approved Stephen Hayes Dacus as its new CEO following a board meeting on Tuesday.
Dacus’ appointment was first revealed in March, alongside several significant operational changes, including the announcement of a forthcoming North American (IPO), a $5.4 billion superstore sale and the exit of its ownership of Seven Bank.
Dacus becomes the first foreigner to lead the Japanese company in its history, according to The Associated Press.
Change Amid Chaos
The changes to 7&i’s executive team come at a pivotal time for the company, as it grapples with a potential acquisition by Canadian powerhouse Alimentation Couche-Tard, operator of Circle K c-stores.
The acquisition rumors began in August 2024 when Couche-Tard lofted a friendly proposal to acquire the Japanese company for $38 billion — an offer that has since been raised to $49 billion.
After months of back-and-forth, 7&i and Couche-Tard each confirmed at the beginning of May that they had signed a non-disclosure agreement (NDA) regarding the transaction.
The decision was made to “progress transaction discussions, facilitate due diligence and collaborate on plans to engage with regulators,” read Couch-Tard’s statement at the time. The company added that there can be no assurance that the discussions will result in a transaction.
“We appreciate the special committee of Seven & i engaging in substantive discussions regarding our proposal and providing access to diligence,” said Alex Miller, Couche-Tard President and CEO. “We look forward to working collaboratively with Seven & i in the interests of all stakeholders.”
For 7&i, the decision was two-fold — the company wanted to to identify a potential divestiture plan should an agreement be reached, and it also wished to formulate a standalone plan with Stephen Hayes Dacus as CEO, said chairman of the board Paul Yonamine earlier this month.
“As we have said previously, we caution that it remains the case that it is critical for the (special committee) to assess if there is a path to a viable divestiture by identifying potential buyers and determining their ability to stand up a real, stand-alone business that will preserve competition and satisfy regulators,” said chairman of the board Paul Yonamine. “That work is ongoing. Unlocking significant value for shareholders and other stakeholders remains Seven & i’s top priority.”
In March, Couche-Tard made known its willingness to divest up to 2,000 North American c-stores to calm any antitrust concerns.
Couche-Tard’s Chief Financial Officer, Filipe Da Silva, told Bloomberg in March that interest for the sites is “really high,” since the 2,000-store network provides retailers with the opportunity to become one of the largest operator of c-stores in North America.
