• by Tanya Gazdik , Yesterday

Joe DePinto, who served as 7-Eleven’s top executive for more than 20 years, will retire at of the end of this year as the retailer’s Japan-based parent company prepares for a possible IPO.

“The move comes as Seven & i Holdings has embarked on an ambitious ‘transformation’ plan that, in North America, includes opening 1,300 stores by fiscal year 2030 and upgrading its food offerings with healthier options,” according to Chain Store Age. “Seven & i is expected to spin off its North American business with an IPO in 2026, but will remain a majority shareholder.”

Stanley Reynolds, president of SEI, and Douglas Rosencrans, executive VP and COO of SEI, will serve as interim co-CEOs until a successor to DePinto is appointed.

“DePinto led 7-Eleven through huge changes in how consumers buy, such [as] late-night snack runs, mobile payments, delivery, and loyalty applications,” according to GuruFocus. “This change in leadership affects more than just the U.S. arm. The board said it has hired a worldwide executive search company and is going through the whole process to select the new CEO.”

SEI is the North American convenience store business of Seven & i Holding, the largest convenience store chain in the world.

“7-Eleven is a massive player in the convenience store industry as it operates, franchises or licenses more than 13,000 stores in the U.S. and Canada,” according to The Dallas Morning News. “7-Eleven got its start in Dallas as a Southland Ice Co. in 1927 before selling to a Japanese company in 1991 as part of a bankruptcy deal.”

7-Eleven is known for its iconic Slurpee and Big Gulp brands.

“Earlier this month, it expanded its fresh food lineup with the rollout of a Japanese-style egg salad sandwich, bringing a longtime customer favorite from its Japanese stores to participating U.S. locations,” notes CSP.