Seven & i Holdings, the Japanese retail giant at the centre of a takeover battle, is finalising a plan for its president to step down and be replaced by the company’s first foreign chief.
President Ryuichi Isaka will resign and be replaced by director Stephen Dacus, the Nikkei business daily reported on Monday. Dacus, an outside director since 2022, has been heading a special committee to evaluate a $47 billion takeover bid from Canada’s Alimentation Couche-Tard and a take-private deal from Seven & i’s founding family that recently collapsed.
The company is set to hold a board meeting soon to finalise the plan, Nikkei added.
A company spokesperson said the information did not come from Seven & i and that nothing had been decided.
Seven & i’s shares initially jumped as much as 4.6% following the report.
Reuters
