ValueAct Capital informed Seven & i Holdings on Friday it would lobby to remove four directors from the Japanese's convenience store operator's 14-member board, citing 'a failed corporate strategy.'
Seven & i Holdings Co's Seven Eleven convenience store logo is pictured in Tokyo, Japan January 12, 2017. REUTERS/Kim Kyung-Hoonon Friday it would lobby to remove four directors from the Japanese's convenience store operator's 14-member board, citing "a failed corporate strategy."in January to spin-off of its 7-Eleven convenience store chain.
A "conglomerate discount has persisted" because the management of most of the Seven & i businesses has repeatedly failed in spite of promises for "synergies" and structural reform, the letter said. Seven & i announced earlier this month it will close an additional 14 Ito-Yokado supermarket stores in Japan and fully exit its apparel business as part of its structural reform plan.
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