Seven & I Holdings plans a sweeping revamp of its board at its annual shareholders meeting next month as a part of its effort to boost the value of the Japanese retailer and fend off a $47.5 billion takeover proposal by Alimentation Couche-Tard.
The 7-Eleven convenience store operator plans to add five new directors to the board, four of whom will be from outside the company, including Takashi Sawada, former president of rival FamilyMart and Christine Edman, former head of H&M Hennes & Mauritz AB’s Japan unit, Seven & I said in a statement Thursday. The company will also seek a vote on the appointment of Stephen Dacus as chief executive officer, replacing Ryuichi Isaka, who will retire, along with two other board members.
Junro Ito, a member of the founding Ito family and executive vice president of Seven & I, will become the chairman, the statement said.
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