Seven & i re-elected Board of Directors President Ryuichi Isaka along with the company’s full slate of other nominees at the retailer’s annual shareholders meeting on May 25.
This vote caps off roughly five months of tension between 7-Eleven’s parent company and ValueAct, an activist investor that holds about 4.4% of the retailer’s shares. ValueAct had specifically targeted Isaka for removal, noting in April that it was time to find a new president for Seven & i back.
Proxy companies Institutional Shareholder Services and Glass, Lewis & Co. had both backed ValueAct’s alternative slate of proposed directors.
Isaka garnered over 76% approval in the final vote. Executive Vice President Katsuhiro Goto earned re-election with nearly 75% approval, while the other embattled Seven & i board members — Toshiro Yonemura, Shinji Wada and Fuminao Hachiuma — each got less than 70% approval.
The uncontested board members all received more than 97% approval, while ValueAct’s four nominees all fell short of election, with each receiving less than 35% approval.
This deals another blow to ValueAct’s goal of having Seven & i spin its convenience store arm off into its own company, separate from the retailer’s grocery store, restaurant and hospitality segments.
7-Eleven has more than 79,000 stores across 20 countries, including over 20,000 in Japan and 13,000 in the U.S.