Japan’s Seven & i pres. reappointed in proxy fight vs activist fund
Shareholders of Japanese retail giant Seven & i Holdings Co. on Thursday approved the reappointment of Ryuichi Isaka as president, rejecting a demand by a U.S. activist fund for the removal of the top executive in a high-profile proxy fight.
ValueAct Capital Management LP proposed naming four candidates it had selected as board members at an annual shareholders’ meeting, saying the current management is not doing enough to maximize its shareholder value.
But the proposal was rejected, with more than half of the shareholders participating in the meeting approving the company’s plan to tap Isaka...