Industry News | November 14, 2005

7-Eleven CEO retires

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7-Eleven Inc. CEO and President Jim Keyes has retired from the company effective Nov. 11, just two days after 7-Eleven was bought out by its Japanese affiliate Seven-Eleven Japan Co. Ltd, the Dallas Business Journal reports.

Keyes also resigned from the company's board.

Toshifumi Suzuki, chairman and CEO of SEJ, has been named acting president and CEO of Dallas-based 7-Eleven until a replacement is found for Keyes.

Keyes has been with 7-Eleven for more than 20 years, holding positions as chief financial officer and chief operating officer. He has been CEO and president since 2000.

Tokyo-based SEJ made a tender offer for the U.S. convenience store chain of $37.50 a share, or about $1.4 billion.

The buyout has taken 7-Eleven private, but 7-Eleven has said it will continue with plans to move its headquarters to downtown Dallas, and will continue to be a Dallas-based company.

7-Eleven (NYSE: SE) operates or franchises about 5,800 stores in the United States and Canada and licenses about 23,200 7-Eleven stores in 17 countries and U.S. territories throughout the world.