Bloomberg: ”Loeb Takes on Seven & I Board in Test Case for Japan Governance”

”The latest activist showdown involving billionaire investor Dan Loeb has the makings of a test case for the progress Japan Inc. boards have made in improving governance.

Within the next week, Seven & i Holdings Co.’s board aims to discuss any recommendations by an advisory committee that met Wednesday on leadership succession, according to people with knowledge of the matter. Loeb may not be the only one closely watching the company’s next move. Pushing Japan’s boards to be more shareholder friendly has been a pillar of Prime Minister Shinzo Abe’s efforts to turn around the nation’s economy.

Loeb has highlighted the head of the group’s Seven-Eleven Japan Co. unit as a leading candidate to become chief executive officer of the company, while raising concerns about CEO Toshifumi Suzuki’s health and the possibility that his son may succeed him. Loeb, founder of Third Point LLC, is also pushing the company to focus on running the convenience stores that are bringing in most of its profit while restructuring or divesting under-performing units………………..”

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Source: Bloomberg

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