Seven & I CEO Resigns After Clash With Board, Activist Loeb

Seven & i Holdings Co. Chairman and Chief Executive Officer Toshifumi Suzuki is stepping down after a power struggle with the board of directors at Japan’s largest retailer, handing a victory to activist investor Dan Loeb. Loeb, who’s endorsed Prime Minister Shinzo Abe’s efforts to improve corporate governance in Japan, said Suzuki was trying to arrange for his son to succeed him, a claim the CEO denied Thursday. The founder of Third Point LLC said Isaka should instead be a leading candidate for the top job and pushed the company to restructure or divest less profitable units and focus on the convenience store business Isaka oversees.