7-Eleven Inc. announced on December 19 that Joe DePinto, who has served as CEO of 7-Eleven for more than twenty years, will retire from the position at the end of the year.
Stanley Reynolds, president of SEI, the North American convenience store business of Seven & I Holdings, and Douglas Rosencrans, executive vice president & COO of SEI, have been appointed Interim Co-CEOs until a successor to DePinto is appointed.
DePinto said: "Serving as 7-Eleven's CEO for the past 20 years and working alongside such an incredibly talented team has been the honor of my professional life. I want to sincerely thank all our franchise owners, company team members and business partners for their extraordinary commitment to 7-Eleven over the years. I'm grateful to all who have supported 7-Eleven and me the past two decades and helped grow this brand and our business into what it is today."
The Board of Directors of the Group, with the assistance of a globally recognized executive search firm, is engaged in a comprehensive process to identify a successor to DePinto, SEI said.
"Our group is currently moving forward with a series of transformational leadership, capital and business initiatives to enhance our performance, ensure disciplined stewardship of resources and drive corporate and shareholder value creation. We strive to find, through a thorough selection process, the right person who can lead SEI and help us work even more closely together as one group. Our goal is to further advance our transformation efforts, unlock SEI's full potential, redefine convenience and bring the 7-Eleven experience to even more customers across the North American market,” said Stephen Hayes Dacus, president and CEO of the Group.