Seven & I Holdings management won a proxy fight against a foreign activist fund that sought a change in leadership at an annual shareholders meeting Thursday in order to push a bold shift in the business strategy of the operator of 7-Eleven convenience stores.
ValueAct Capital, a San Francisco-based fund and major shareholder of Seven & I, was seeking to replace several directors, including current President Ryuichi Isaka, with their own candidates.
The Japanese retail conglomerate and ValueAct were unable to get on the same page on some points even after dozens of meetings, with the main sticking point being the operation of the 7-Eleven business and restructuring of underperforming units, including the Ito-Yokado supermarket chain.
