Japan's Seven & i Holdings, the parent company of the 7-Eleven convenience store chain, has named a new CEO and plans to sell billions in assets as it tries to fend off a takeover bid from a Canadian rival.

Japan’s Seven & i Holdings, the parent company of the 7-Eleven convenience store chain, has named a new CEO and plans to sell billions in assets as it tries to fend off a takeover bid from a Canadian rival.

Stephen Dacus, current lead outside director of the board, will take over as the company evaluates a takeover bid from Alimentation Couche-Tard.

Seven & i Holdings named director Stephen Dacus as the new chief executive and said it aims to list its North American convenience-store unit by the end of 2026.

Seven & i (OTCPK:SVNDY) has appointed its first foreign CEO, and announced plans to take its convenience store business public and implement an over $13B stock buyback, as it seeks to unlock significant shareholder value.

Eleven's Japanese owner, Seven & i, announced measures to counter a Canadian takeover, including a $13.2 billion share buyback and IPO of its US unit. They also appointed Stephen Hayes Dacus as the first foreign CEO.