Seven & I Holdings management won a proxy fight at an annual shareholders meeting Thursday against a foreign activist fund that had sought a change in leadership, ending months of conflict over business strategy at the operator of 7-Eleven convenience stores.
But while Seven & I management scored a resounding victory with investors, turning around its underperforming units will remain a pressing issue in the near term.
Shareholders voted down a proposal by ValueAct Capital, a San Francisco-based fund and major shareholder of the retail giant, to replace several directors including current President Ryuichi Isaka with their own candidates.