7-Eleven, Inc. is looking for a new CEO following the abrupt resignation last week of longtime president-CEO Jim Keyes.
Keyes’ departure follows 7-Eleven’s Nov. 9 acquisition by its sister company, Seven-Eleven Japan Co. Seven-Eleven Japan CEO Toshifumi Suzuki will serve as acting president-CEO of 7-Eleven in the U.S. until Keyes’ replacement is hired.
The sale of 7-Eleven, Inc. was quick and unexpected. Seven-Eleven Japan made an unsolicited offer in September to buy all outstanding shares of 7-Eleven, Inc. (The Japanese company and its affiliates have owned a majority stake in 7-Eleven, Inc. since 1991.) A special committee of the board of directors at first rejected the offer, then recommended to shareholders to accept it when Seven-Eleven Japan raised its offer to $37.50 per share (from $32.50).
Keyes spent 20 years at 7-Eleven, including stints as CFO and COO; his tenure saw record sales and profits, including same-store sales growth for 36 consecutive months.
“I was privileged to lead 7-Eleven, Inc. through an important transition over the last five years, and am extremely proud of the accomplishments of employees, franchisees and licensees in creating value for all stakeholders,” Keyes said in a statement. “With the successful completion of Seven-Eleven Japan’s tender offer, the time is right for me to move on to the next phase of my personal and professional life. I am confident in the leadership team that remains in place at the company, as well as the ongoing strategies for 7-Eleven’s business.”
It’s unclear yet whether the changes in ownership and management will affect 7-Eleven’s agency relationships, especially with Omnicom Group, which won 7-Eleven’s integrated marketing work in September. Omnicom sibs TracyLocke, TPN, Dieste Harmel & Partners and The Integer Group pitched the account together and formed a virtual shop, FreshWorks, specifically to handle 7-Eleven.
“They essentially assembled a cluster of agencies managed by a single account team that presents one face to us and ensures complete integration and quality control,” said 7-Eleven VP-marketing Doug Foster in a statement announcing the assignment.
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