Japan's Seven & i names Loeb-backed executive as new president

[TOKYO] Japan's biggest retail group Seven & i named an executive backed by US activist investor Daniel Loeb to lead the overall company following a failed attempt by his predecessor to oust him from the firm.

Ryuichi Isaka, credited with driving the growth of the 7-Eleven convenience store chain in Japan, will replace CEO Toshifumi Suzuki, who said he would step down after failing to garner enough votes to remove Mr Isaka earlier this month.

Markets will be watching to see whether Isaka will heed calls from Loeb and other shareholders to overhaul its loss-making supermarket chain Ito-Yokado.

In a sign Mr Isaka may not be given the same authority as Mr Suzuki, the company said its named Mr Isaka president rather than CEO.

Mr Suzuki is known as the father of the convenience stores in Japan, bringing the chain to the country four decades ago.

REUTERS