U.S. convenience store chain 7-Eleven said its chief executive will retire at the end of this month, as Japanese parent Seven & I Holdings seeks a turnaround of the business.
Joe DePinto, who was CEO for two decades and orchestrated its expansion through the acquisition of Speedway and Sunoco gasoline stations, will be replaced on an interim basis by President Stan Reynolds and Chief Operating Office Doug Rosencrans of the U.S. unit, the company said in a statement late Friday.
Seven & I, which brought 7-Eleven to Japan, refined the convenience-store concept and eventually took over the entire franchise, is going through a broad restructuring that includes a partial sale of the U.S. unit and changes at the top. The revamp was spurred on, in part, by Alimentation Couche-Tard’s ¥6.77 trillion ($43 billion) takeover proposal that it abandoned earlier this year.