The 83-year old CEO of the ever famous chain 7/11 (Seven Eleven) of the retail group Seven & i Holdings Co Ltd, handed in his resignation last week due to a failure in management. Chief Executive and Chairman Toshifumi Suzuki decided to resign after a make or break meeting with the board of directors who in his point of view did not seem to support his proposal. Mr. Suzuki – a legendary businessman who brough the 7-Eleven franchise in Japan during the 1970s and later took over its US parent company has garnered a much stacked business knowledge when it comes to growing a business.
Although there are partial opinions regarding his appointment of successor that lead to rumors that lead to his resignation is quite unsettling that resulted to him stepping down. Mr. Suzuki claimed that he never mentioned or stated that he is appointing his son Chief Information Officer Yasuhiro Suzuki, as his successor. The only reason he stepped down is because he felt he already lost the trust and support of the board and that he no longer maintains the confidence to run a company who casted divided votes.
