7-Eleven parent company pressured to remove four directors
A San Francisco-based shareholder said it believes the parent company has dropped the ball on strategy
![7-Eleven sign and store.jpg 7-Eleven sign and store.jpg](https://eu-images.contentstack.com/v3/assets/blt58a1f8f560a1ab0e/blt043f28db80d2fbca/6699901e2fdb7a4d3fb0c8af/7-Eleven_20sign_20and_20store_0.jpg?width=1280&auto=webp&quality=95&format=jpg&disable=upscale)
7-Eleven parent company Seven & i Holdings Co. Ltd. is getting pressure from one of its owners to remove four directors from the company’s 14-member board.
San Francisco-based investment company ValueAct Capital, which owns 4.4% of Seven & i Holdings, said in a letter that it is growing increasingly frustrated over the lack of strategy that includes fast growth and improved profitability and market valuation. ValueAct also wants the company to complete a tax-free spinoff of 7-Eleven through a listing on the Tokyo Stock Exchange in about one year. Seven & i Holdings is headquartered in Japan.
ValueAct has not publicly named the four directors it wants terminated, but the letter indicates those individuals were involved in a failure to disclose a reported acquisition proposal to the company in 2020. The letter delivered to Seven & i Holdings also links the group to a failure to conduct an objective succession review and the failure to conduct an independent strategic review in line with governance best practices.
Seven & i Holdings said it is reviewing the letter and will consider the contents of the proposal.
ValueAct Capital supported a move to add six new directors to the Seven & i Holdings board last year.