By Kosaku Narioka

Seven & i Holdings has proposed a slate of new directors to the board, including a former senior government official, the latest effort to strengthen its convenience-store operations globally even as the Japanese retail giant faced a takeover attempt by the Canadian owner of Circle K.

The 7-Eleven parent said Thursday that it will nominate four new board members at its general shareholders' meeting on May 27, adding that the candidates bring diverse experience across areas relevant to the company, such as retail, food, brand management and global expansion.

The candidates included Tatsuya Terazawa, former vice minister for international affairs at Japan's Ministry of Economy, Trade and Industry, and Christine Edman, former president of H&M Hennes & Mauritz's Japanese unit.

The owner of 7-Eleven also proposed Takashi Sawada, former president of rival convenience-store operator FamilyMart, and Masaki Akita, chair of Japanese restaurant chain Matsuya, to the board.

If approved by shareholders as proposed, eight out of 13 board members would be independent, compared with nine out of 15 approved last year.

The move comes about a month after Seven & i announced a series of measures to boost its shareholder value and head off a takeover bid by Canada's Alimentation Couche-Tard. The 7-Eleven parent in March named its first American chief executive, former Walmart executive Stephen Hayes Dacus, and said it planned to list its North American convenience-store business.

An acquisition by Couche-Tard is unlikely to be straightforward given the antitrust and national-security issues involved.

In September, the Japanese government classified Seven & i as a company that engages in businesses critical to national security.

The 7-Eleven owner reiterated Thursday that the company is considering both its own initiatives as well as a takeover offer from Couche-Tard to maximize its shareholder value.

The company said a special committee, led by director Paul Yonamine, continues to engage constructively with Couche-Tard, as the committee is trying to find a clear path to antitrust regulatory approval if a potential sale is agreed upon.

Seven & i also named director Fuminao Hachiuma, a former executive at Japanese food company Ajinomoto, as chairperson of the board and Vice President Junro Ito as executive chair.

Earlier this year, Ito, a son of the founder of Seven & i, withdrew a plan to take the company private as the founding family failed to secure financing for the management buyout, just months after submitting the proposal.

The 7-Eleven owner in September rejected an initial $39 billion buyout bid from Couche-Tard, saying the proposal underestimated the company's value. Couche-Tard later raised its offer to about $47 billion and in January submitted a revised, yen-denominated proposal at Seven & i's request.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

Masaki Akita is chair of Japanese department-store operator Matsuya. "7-Eleven Owner Plans Board Refresh With Four New Director Nominees -- Update" published at 1213 GMT on April 17, incorrectly said Akita is chair of Japanese restaurant chain Matsuya.

(END) Dow Jones Newswires

April 17, 2025 21:34 ET (01:34 GMT)

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