7-Eleven's appoints new CEO and is set to list North American business

Stephen Hayes will look to raise funds through an IPO for 7-Eleven in North America and the sale of Superstore Business Group.

Seven & i Holdings is embarking on a major transformation with the appointment of Stephen Hayes Dacus as its new CEO and a planned IPO for 7-Eleven, Inc. in North America by the second half of 2026. These moves are part of a broader strategy to enhance focus on the convenience store business while unlocking value for shareholders.

The move comes as Seven & i's founding family last month withdrew its planned management buyout of the retailer, aimed at preventing the conglomerate from falling into the hands of Couche-Tard.

Dacus, who has been Chairman of the Board and Lead Independent Outside Director, will officially take over as President & Representative Director and CEO following the company's Annual General Meeting in May 2025. He succeeds Ryuichi Isaka, who will remain as a Senior Advisor. With significant experience in consumer and retail sectors and fluency in Japanese, Dacus has played a crucial role in shaping the company’s strategic direction.

"We are committed to executing initiatives that create the most value for our shareholders and enhance our customers' experience. Stephen’s leadership will be pivotal in driving our transformation strategy forward," said Isaka.

A major part of this transformation is the planned IPO of SEI, which operates the iconic 7-Eleven brand in North America. Expected to take place on a major U.S. stock exchange by the latter half of 2026, the IPO aims to unlock value by positioning SEI as an independent public company while retaining strong synergies with Seven & i Holdings.

"This IPO represents a significant milestone in our journey to streamline operations and maximize value for shareholders. 7-Eleven is the largest convenience store chain in North America, and this step will allow it to operate with greater autonomy while maintaining strong strategic ties with our Group," said Dacus.

To raise more funds, Seven & i Holdings has announced the sale of its Superstore Business Group to Bain Capital for JPY 814.7 billion ($5.37 billion). This divestment, expected to close by September 2025, is part of a broader strategy to consolidate its operations around the convenience store sector. The proceeds from both the IPO and the Superstore Business Group sale—approximately JPY 2 trillion (USD 13.2 billion)—will be returned to shareholders through share buybacks by fiscal year 2030.

Dacus takes the helm at a critical moment. The company’s leadership hoped the new CEO can raise the company's share price to make Couche-Tard’s takeover more difficult.