Seven & I Holdings, the Japanese operator of the 7-Eleven convenience store chain, appointed its first foreign CEO and handed him the task of overhauling its business to fend off a $47 billion overseas takeover bid and engineer a recovery.

Seven & i Holdings , the Japanese operator of the 7-Eleven convenience store chain, appointed its first foreign CEO and handed him the task of overhauling its business to fend off a $47 billion overseas takeover bid and engineer a recovery.

In a major restructuring Seven & i Holdings, parent company of 7-Eleven, said Thursday that Stephen Dacus will become its new President and CEO May 27 replacing Ryuichi Isaka.

Seven & i Holdings, the Japanese operator of the 7-Eleven convenience store chain, is expected to announce on Thursday a change of CEO and plans to restructure its business, sources said, as it faces a $47 billion foreign takeover bid.

Lead outside director Stephen Dacus will likely succeed Ryuichi Isaka as chief executive at Seven & i, sources have told Reuters, putting a foreign-born executive in charge of the Japanese retail conglomerate for the first time.

Seven & i Holdings, the Japanese operator of the 7-Eleven convenience store chain, announced a change of CEO and plans to restructure its business in the face of