Japan's Seven & i to reshape board as part of focus on global expansion
by geemong

Japanese retailer Seven & I Holdings Co said on Thursday it would revamp its board of directors as it seeks to accelerate overseas growth.

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The operator of 7-Eleven convenience stores has been under pressure from activist fund ValueAct Capital to make structural reforms and sell off assets.

The company said in a statement it would name two female and three non-Japanese nominees to the new roles of independent outside directors, making external members the majority in its board composition.

The revamp is intended to add diversity and bring in new skills as the company pursues growth outside Japan, it said.

Seven & i 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 4.4per cent 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.

Seven & i made the announcement along with full-year financial results. Operating profit rose 5.8per cent to 388 billion yen ($3.14 billion) in the year through February, it said in a separate statement.

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