Tokyo-based 7-Eleven parent Seven & i Holdings on Thursday told shareholders it’s looking to shake up its board as it faces a takeover attempt, announcing a slate of proposed members that includes four directors who would be new to the company.
The candidates will be voted on during Seven & i’s shareholder meeting on May 27.
In its announcement, the convenience retailer reiterated that it is currently pursuing two operational paths, a standalone business-improvement option and a potential purchase by Laval, Quebec-based Circle K owner Alimentation Couche-Tard, and that this slate of directors would further the company’s goals under both scenarios.
“We firmly believe in Seven & i’s pursuit of two parallel paths to ensure that value for shareholders and other stakeholders is maximized,” the company said in a statement. “Our strong slate of directors and re-commitment to effective governance will accelerate our progress.”
The four new board nominees have a wide range of experience, Seven & i noted, including in the areas of retail, food, fuel, franchise operations, brand management and global expansion. They are:
- Takashi Sawada, CEO and representative director of CellSource, former representative director and president of c-store rival FamilyMart, and former executive vice president of UNIQLO parent Fast Retailing
- Masaki Akita, board leader, former representative director and executive officer of fast-food chain Matsuya, and outside independent director of Meiji Yasuda Life Insurance
- Tatsuya Terazawa, chairman and CEO of the Institute of Energy Economics, Japan, and former vice minister for international affairs for the Ministry of Economy, Trade and Industry
- Christine Edman, former president of fashion retailer H&M Hennes and Mauritz Japan, president and CEO of Givenchy Japan, and former executive officer of Zozo
Seven & i also announced Thursday that it has named Fuminao Hachiuma, senior executive with food and biotechnology corporation Ajinomoto, as chairperson of the board and lead independent outside director.
In March, 7-Eleven CEO Joe DePinto resigned from the board, along with Directors Jenifer Simms Rogers and Elizabeth Miin Meyerdirk.
7-Eleven is No. 1 on CSP’s 2025 Top 40 Update to the 2024 Top 202 ranking of U.S. c-store chains by store count. Alimentation Couche-Tard is No. 2. Watch for the full 2025 Top 202 ranking in the June issue of CSP magazine and in CSP Daily News.
In all, the new board slate consists of eight independent outside directors and five internal directors, Seven & i said increasing the proportion of outside directors compared to last year.
Last August, Couche-Tard submitted a $39 billion bid to acquire the world’s largest c-store retailer, a proposal Seven & i rejected twice, saying it undervalued the company. In October, Couche-Tard raised its offer to $47.2 billion.
In March, Seven & i said it was in the midst of “constructive, ongoing engagement” with Couche-Tard, while the Circle K parent said it had held “exploratory discussions” with possible buyers for U.S. stores that might need to be divested for a deal to secure regulatory approval.
Seven & i operates convenience stores, superstores, supermarkets, specialty stores, foodservices, financial services and IT services. Irving, Texas-based 7-Eleven Inc. operates, franchises or licenses more than 83,000 convenience stores in 19 countries and regions, including more than 13,000 7-Eleven convenience stores in the United States and Canada.
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