Stephen Hayes Dacus was approved Tuesday as the new chief executive officer of Seven & i Holdings Co., the company that operates the 7-Eleven convenience store chain. He is the first non-Japanese leader to head the Japanese retail giant.
Dacus, an American with a Japanese mother, was appointed earlier this year and now officially leads the company behind the ubiquitous “konbini” stores in Japan.
At the recent shareholders’ meeting, an acquisition offer from Canadian company Alimentation Couche-Tard was not voted on, as discussions continue and Seven & i conducts an internal review of the proposal.
Dacus has pledged to drive further growth for the business, which has been expanding its presence overseas. While 7-Eleven is the largest convenience store chain in the U.S., the Japanese market presents challenges, including a rapidly aging population and intense competition among convenience store brands.
Fluent in both Japanese and English, Dacus brings experience from Walmart, Japanese apparel retailer Uniqlo, and other retail companies. Shareholders showed strong confidence in his leadership and the new management team.
It remains uncertain whether Seven & i will continue independently or eventually partner with Couche-Tard.
7-Eleven stores in Japan offer a wide variety of products, from ice cream and batteries to health items and hot meals. Many locations also provide services such as bill payment and copying. The stores play an important community role by assisting local governments during disasters with supplies, water, emergency facilities, and information.