ValueAct can tick the first item off its shopping list for 7-Eleven’s owner Seven & I . The $41 billion Japanese group said on Thursday that it would give a majority of board seats to outside directors, lifting their numbers to eight from five while reducing internal places to six from eight.
that it would give a majority of board seats to outside directors, lifting their numbers to eight from five while reducing internal places to six from eight.
The move is a win for the pushy activist and fellow investor Artisan. Both in January separately highlighted the needto shake up Seven & i’s governance as the first step to improving its low expected returns. ValueAct’s frustration was made all the clearer since it marked the first time the fund abandoned its typical – and often successful - behind-the-scenes approach in Japan.
A board geared to outside oversight and expertise should help consideration of other potential improvements. One priority for activists would be more detailed plans to boost its U.S. operations following the company’s $21 billion acquisition last year of Speedway gas stations. One item off a long list is a good start, however.
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