DALLAS -- As reported in a CSP Daily News Flash yesterday, Edward W. Moneypenny, senior vice president and chief financial officer of 7-Eleven Inc., has retired from the company. The announcement comes just days after the departure of chairman and chief executive officer Jim Keyes and the buyout of the company by Seven-Eleven Japan.
Replacing Moneypenny as senior vice president and CFO is Stanley W. Reynolds, currently vice president of corporate planning and treasurer. The moves, which are effective immediately, are part of 7-Eleven's long-term succession [image-nocss] planning, said the company.
After retirement, Moneypenny will serve as an advisor to the company during 2006.
Moneypenny brought considerable experience as the CFO of two former Fortune 500 companies to 7-Eleven in early 2002. During his tenure as CFO, 7-Eleven's stock experienced significant appreciation, it said.
Ed brought added financial discipline and a wealth of business experience to 7-Eleven, said Jay W. Chai, the former chairman of 7-Eleven's Audit Committee. We wish him all the best as he moves on to the next stage of his personal and professional life.
As has been reported, following the completion of a successful tender offer and a shortform merger on Nov. 9, 2005, SevenEleven Japan and its affiliates now own 100% of 7Eleven Inc. Given the completion of Seven-Eleven Japan's tender offer, the timing is right for me to retire, said Moneypenny. I have enjoyed working in the retail industry and have particularly appreciated working with the many dedicated and hard-working employees at 7-Eleven.
Reynolds, 40, started with the company as manager of corporate finance and was named assistant treasurer in 2000. He was promoted to vice president and treasurer in 2001, and added responsibility for strategic planning in 2005. "I've worked closely with Stan Reynolds during my career at 7-Eleven," said Moneypenny. "He's an outstanding executive who has been a key player in developing and executing our strategy and is uniquely qualified to contribute to 7-Eleven during this next phase of growth and opportunity.
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