Seven & I Said to Discuss Replacing Unit Chief in Snub to Loeb

Seven & i Holdings Co. plans to propose replacing the Japan head of its main convenience store unit Ryuichi Isaka at a meeting Thursday, ahead of the company’s results announcement, according to two people with knowledge of the matter.

The plan by board members of Japan’s largest retailer runs counter to activist investor Dan Loeb’s argument that Isaka, president of Seven-Eleven Japan Co., should be a leading candidate to become Seven & i’s chief executive officer. The New York-based founder of Third Point LLC on March 27 wrote a letter raising concerns about CEO Toshifumi Suzuki’s health and warning the company against letting nepotism determine his successor.