Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Retail

Japan's Seven & i Holdings Picks Former Uber Executive For Board

Japanese retailer Seven & I Holdings Co, facing pressure from activist investors for structural reforms, has nominated a former executive of Uber Technologies Inc to join its board of directors, the company said.

The operator of the 7-Eleven chain of convenience stores has named Elizabeth Miin Meyerdirk, a founding member of Uber Eats, who will join as a new outside director, pending approval from shareholders at a May 26 annual meeting.

Facing a shrinking domestic market, the company said this month that it would seek growth overseas, particularly in North America, and would also expand online shopping and delivery services in Japan.

Seven & I said this month it would revamp the board to ensure a majority came from outside the company, bringing in management skills to guide growth outside Japan.

U.S.-based activist fund ValueAct Capital, which holds a stake of 4.4%, has been urging it to shake up the board and sell off underperforming assets.

Seven & I could more than double its share price by focusing on its convenience stores, the fund has said.

Reform Business Portfolio

Seven & i recently said it would continue reforms of its business portfolio, and that it had hired a financial adviser to conduct a strategic review of its Sogo & Seibu department store unit.

ValueAct, which holds a 4.4% stake, had urged the company to sell off Sogo & Seibu, saying in February that Seven & i could more than double its share price by focusing on its convenience stores.

News by Reuters, additional reporting by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days