SAN
FRANCISCO, April 18, 2024 /PRNewswire/ -- ValueAct
Capital ("ValueAct"), a global investment firm that has been a
major shareholder of Seven & i Holdings ("Seven & i") since
2020, today expressed support for recent announcements by Seven
& i:
- ValueAct supports the recommendations of the Strategy Committee
of Seven & i including its conclusion that a separation of
7-Eleven from the Superstore business is in the best long-term
interests of both businesses, their employees and
shareholders.
- ValueAct supports the pursuit of an IPO and ultimately the
deconsolidation of the Superstore business as one workable option
to accomplish this strategic conclusion.
- ValueAct supports the separation of the Chairman and CEO roles
at Seven & i and the appointment of the Mr. Stephen Dacus, who also chairs the Strategy
Committee, as Chairman of the Board.
- ValueAct will vote in favor of Seven & i's board nominees
at the 2024 AGM.
ValueAct issued the following statement from Co-CEO Rob Hale:
"As long-term shareholders of Seven & i, we are
encouraged by the strategic steps and governance changes that the
board and management have just announced. We believe these changes
will enhance shareholder value and strengthen both the global
7-Eleven franchise and the Superstore business.
It is a wise decision to separate the Chairman and CEO roles
as a corporate governance best practice. Furthermore, we believe
the appointment of Mr. Dacus as Chairman of the Board is a
logical step to ensure the Strategy Committee's recommendations
will be carried out.
We would like to express our appreciation for the
constructive discussions we have had with Seven & i's
leadership, Board, and Strategy Committee. We are excited about the
transformation and growth agenda that is underway at Seven &
i."
About ValueAct Capital
ValueAct Capital, established in 2000, is a global investment
firm managing capital on behalf of some of the world's largest
institutional investors. ValueAct seeks to identify and invest in
high-quality businesses that are temporarily under-valued, taking a
patient, collaborative and constructive approach to value-building
for all stakeholders, often partnering with executives and board
members. Since 2017, ValueAct has been a significant investor
in the Japanese public equity markets. In the firm's history,
partners of ValueAct have served on over 55 public company
board seats, including on the board of two Japanese public
companies. For more information, please
see https://valueact.com.
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SOURCE ValueAct Capital