Seven & i Holdings, the parent of 7-Eleven, said Thursday it will replace CEO Ryuichi Isaka with lead independent outside director Stephen Dacus, making a foreigner the top executive for the first time, according to domestic media.

Dacus will take charge from Isaka on May 27, according to a company filing. Seven & i said that Isaka will remain as senior adviser to the company.

Dacus is currently the head of the company’s special committee that is evaluating a $47-billion takeover bid from Canada’s Alimentation Couche-Tard.

The convenience store operator also announced a share buyback of 2 trillion yen ($13.2 billion) and plans to list its North American subsidiary, 7-Eleven Inc.

The company said that it will hold a majority stake in the subsidiary which will be listed in the second half of 2026.

Shares of Seven & i ended the day up 6.11%, as reports about the impending changes emerged on Thursday.

The company also announced that it will sell its superstore business group — consisting of supermarkets — to investment company Bain Capital for 814.7 billion yen ($5.37 billion), with the transaction expected to be completed in September 2025.

Seven & i said the share buyback will be funded by proceeds from the sale of its superstore business group and the IPO of 7-Eleven Inc.

These buybacks will commence when the sale is completed, and are expected to be conclude by the company’s 2030 financial year.

A dividend policy will also be implemented, the company said, adding that “it will continue to maintain or increase per share dividend amount over time for cashflow generated from ordinary business operation.”

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