U.S. activist fund demands removal of 7-Eleven parent's chief

ValueAct seeks to replace 4 Seven & i directors to promote leaner business portfolio

Seven & i Holdings has concentrated on its convenience stores while moving to trim other operations. (Photo by Kaisuke Ohta)

YUKINORI HANADA and KEIGO YOSHIDA, Nikkei staff writers

March 25, 2023 01:58 JST

TOKYO -- California-based activist investor ValueAct Capital has submitted a shareholder motion to push out the president of Seven & i Holdings and three other directors at the 7-Eleven parent, acting on long-held grievances over how the Japanese retailing giant is run.

ValueAct owned 4.4% of Seven & i as of May 2021. The shareholder motion marks its first against the company.