The news comes as the company fights a takeover bid by the Canadian-based owner of a rival convenience store chain.
DALLAS — In a shakeup, 7-Eleven’s Japanese parent company announced it’s getting a new CEO and says it plans to hold an initial public offering of its North American convenience store business.
Seven & i Holdings, 7-Eleven’s parent company, announced Thursday that Stephen Hayes Dacus, who currently serves as the company’s board chair, will be appointed its CEO. Dacus will take over as the company’s CEO in May.
In a press release, Seven & i Holdings says it’s planning to hold an initial public offering of its North American convenience store business, which includes 13,000 stores in the U.S. and Canada, by the second half of 2026.
“The Board is confident that an IPO at this time is the best path to unlock significant value for Group shareholders and position SEI [7-Eleven Inc.] for accelerated growth,” a press release read. “This step will create two independent public companies while maintaining synergies with the Company, as the Company retains majority share of SEI. An independent SEI will have increased financial flexibility and greater decision-making autonomy to capitalize on its market leadership as the largest convenience store chain in the attractive North American market.”
WFAA has reached out to 7-Eleven Inc. for comment on the plans.
Seven & i Holdings is also selling its superstore unit to Bain Capital for $5.37 billion, and the sale is expected to close in September.
The shakeup comes as Seven & I Holdings fights a reported $47 billion takeover bid from the Canadian-based owner of rival convenience store chain Circle K, Alimentation Couche-Tard Inc.
“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 in a statement Thursday. “The initiatives management has announced today are crucial steps in simplifying our Group structure and unlocking shareholder value.”
Last week, a bid by Junro Ito, vice president and a representative director of 7&I (and a member of Seven & I’s founding family) and Ito-Kogyo Co. to acquire 7&I fell through after they failed to secure the necessary financing.
“7&i remains committed to exploring all opportunities to unlock value for shareholders and continues to assess a full range of strategic alternatives, including the proposal from Alimentation Couche-Tard, Inc. (“ACT”). The Special Committee is engaging constructively with ACT to determine if an actionable proposal can be achieved that addresses the serious U.S. antitrust challenges that any such transaction would face,” Seven & i said at the time.
