The board of retail giant Seven & I Holdings Co. on Thursday voted not to replace the president of its convenience store chain Seven-Eleven Japan Co., sources said.
Seven & I Holdings Chief Executive Officer Toshifumi Suzuki, 83, has taken the initiative to replace Ryuichi Isaka, 58, the chain’s president. There was opposition from board members, including outside directors, the sources said, and the bid failed to secure majority support.
Seven & I set up a nomination committee to ensure transparency in personnel changes in late March. But as discussions ensued, questions were raised about the legitimacy of replacing Isaka.
(Source: The Japan Times Online)