By Tomohiko Kanai

Yomiuri Shimbun Staff Writer

Seven & i Holdings Co.'s newly-appointed President Stephen Hayes Dacus was approved with a ratio of 94.49% as a board member at a recent general shareholders meeting, according to the company's interim report released Thursday.

The approval ratio for Junro Ito, a member of the founding family who has recently assumed the chairman post, was 89.1%, dropping from 97.54% posted in the previous year.

At the meeting, a proposal to appoint 13 board members, including Dacus and Ito, was put to a vote. Ito previously initiated a management buyout plan to delist Seven & i Holdings to counter an acquisition proposal from Canadian convenience store giant Alimentation Couche-Tard Inc., which was later withdrawn after failing to raise sufficient funding.

The approval ratio of other board members ranged from 94% to 97%. All seven proposals put forward by the company were approved. The results showed the new management team has secured a certain level of trust from shareholders. However, revitalizing the convenience store business remains a key challenge for the management team.

At a general shareholders meeting in 2023, activist shareholders demanded former President Ryuichi Isaka and some other board members resign. Isaka was approved with a low rate of about 76%.

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This article is from The Yomiuri Shimbun. Dow Jones Newswires and The Wall Street Journal were not involved in the creation of this content.

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May 30, 2025 06:11 ET (10:11 GMT)

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