Seven & i Holdings, the Japanese parent company of Irving-based 7-Eleven, announced plans Thursday to take its North American convenience store business public by late 2026 as part of a major corporate transformation that includes leadership changes and asset sales.
The company has named Stephen Hayes Dacus, currently board chairman, as president, representative director, and CEO of the entire global organization. Dacus will take the helm after the company’s annual general meeting in May.
Dacus, the former head of Walmart in Japan, will become Seven & i’s first non-Japanese CEO, according to The Associated Press. He’ll replace current president Ryuichi Isaka, who will continue serving as a senior advisor.
“The Group is executing key actions that are concrete, actionable, and value accretive,” Isaka said in Thursday’s announcement. “We have been on a journey to explore opportunities that create the most value for our shareholders and enhance our customers’ experiences around the world.”
The planned IPO of 7-Eleven’s North American operations, which includes 13,000 stores in the U.S. and Canada, aims to create two independent public companies while Seven & i maintains a majority stake. The company expects the move to “unlock significant value” and position 7-Eleven for accelerated growth with “increased financial flexibility and greater decision-making autonomy.”
The announcement comes as Seven & i fends off a $47 billion takeover bid from Canadian-based Alimentation Couche-Tard, owner of the Circle K convenience store chain, according to reports.
Dacus, who joined the board in 2022 and became chairman in April 2024, has been leading the special committee evaluating takeover offers. He stepped down from that committee role yesterday, on March 5, with independent director Paul Yonamine taking over as chairman.
“The Special Committee has been committed to exploring all value creation opportunities, including active and constructive engagement with ACT and will continue to do so,” Dacus said. “The initiatives management has announced today are crucial steps in simplifying our Group structure and unlocking shareholder value.”
In addition to the IPO, Seven & i announced it has signed a definitive agreement to sell its superstore business group to Bain Capital for 814.7 billion yen (about $5.37 billion), while retaining a 35% equity stake. That transaction is expected to close in September.
The company plans to use proceeds from both the IPO and superstore sale to fund approximately 2 trillion yen (about $13.2 billion) in share buybacks by fiscal year 2030. It also intends to implement a progressive dividend policy and reduce its ownership stake in Seven Bank to below 40%.
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