Keyes Departs 7-Eleven
Published in CSP Daily News
Time to move on after Seven-Eleven Japan buyout, he says
DALLAS -- As reported in a CSP Daily News Flash yesterday, President and CEO Jim Keyes has retired from 7-Eleven Inc., effective Nov. 11, 2005. Keyes has also resigned from his position as a member of the 7-Eleven Inc. board of directors.
Toshifumi Suzuki, chairman and CEO of Seven-Eleven Japan Co. Ltd.which just completed a successful tender offer and now owns 100% of 7-Eleven Inc.has been named acting president and CEO until a successor is named. The search for a successor to Keyes will begin immediately, the Tokyo-based company said.
I was privileged to lead 7-Eleven Inc. through an important transition over the last five years, and am extremely proud of the accomplishments of employees, franchisees and licensees in creating value for all stakeholders, said Keyes. With the successful completion of Seven-Eleven Japan's tender offer, the time is right for me to move on to the next phase of my personal and professional life. I am confident in the leadership team that remains in place at the company, as well as the ongoing strategies for 7-Eleven's business.
Ed Moneypenny, 7-Eleven CFO, told CSP that the decision makes sense when considering that the company is going from public to private, thus eliminating the need for the chief executive to woo Wall Street analysts, something many said Keyes did most effectively. I think that when you go from CEO of one of the largest public companies to a private company, it's a big change, Moneypenny said.
7-Eleven spokesperson Jack Wilkie told CSP, Jim has always been an advocate of change. He has been part of the company for 20 years. He just felt the time was right to move on. He added, Jim's legacy will be preserved forever, and that is having reestablished the company as a dominant player in the convenience industry and delivering remarkable consistency and steady improvements.
During his more than 20 years with 7-Eleven, Keyes held numerous leadership positions, including CFO, COO and, since 2000, president and CEO. Under Keyes's leadership, the company produced record sales and profits, including the company's announcement last month of its 36th consecutive quarter of U.S. same-store merchandise sales growth.
Also during his tenure, Keyes founded Education is Freedom, a public charity that strives to remove obstacles to college by providing assistance to students who demonstrate academic promise and leadership but require guidance to go to college. Keyes has served as chairman of the Education is Freedom Foundation since its inception.
We are grateful to Jim for his many contributions and years of service to 7-Eleven Inc., and we wish him well in his future endeavors, said Suzuki. Seven-Eleven Japan and its affiliates have owned a majority stake in 7-Eleven Inc. since 1991.
Dallas-based 7-Eleven Inc. operates or franchises approximately 5,800 7-Eleven stores in the United States and Canada and licenses approximately 23,200 7-Eleven stores in 17 countries and U.S. territories throughout the world. During 2004, 7-Eleven stores worldwide generated total sales of approximately $41 billion.