Seven & i Holdings’ board, which has a majority of outside directors, issued a statement confirming the updated “Medium-Term Management Plan” announcement on March 9.
In the statement, the company emphasized that the Strategy Committee, which is comprised only of outside directors, was created to guide the company’s successful execution of its strategy and assess options such as a spinoff — which has been recommended by shareholders.
ValueAct and Artisan Partners have pushed for a 7-Eleven spinoff in the past days, with ValueAct also questioning the strategic direction of the company.
Seven & i Holdings noted when speaking on the Strategy Committee that “along with our fellow board members, we are committed to rigorously assessing opportunities to create value for all stakeholders and adjusting our mid- and long-term strategies accordingly.”
Shareholder feedback also inspired change within the company last year, resulting in six outside directors being added to the board.
The board’s discussions due to recent pushes from shareholders, including one in which ValueAct called for the removal of four of the directors on the board in addition to the 7-Eleven spinoff, led to the board continuing to review optimal group structure and strategic alternatives. This follows the board’s approval of the March 9 plan, which favors a strong focus on the convenience store business, and creation of the Strategy Committee.
“The growth strategy draws on our competitive strength in ‘food’ between the convenience and superstore businesses to drive global growth across formats,” Seven & i Holdings’ statement said.
The statement listed a series of actions the company took to accelerate growth over the years, including acquiring Speedway in 2021 and Sunoco in 2018.
“The entire board, along with the outside directors, is committed to maximizing corporate value through the execution of the company strategy, including driving growth in the convenience store business and restructuring the superstore business,” the statement said. “Moreover, the Strategy Committee of outside directors will provide active oversight and assess strategic options for the optimal course through which to create value for all stakeholders.”
