Seven & I, which owns Sogo department stores and the 7-Eleven
convenience chain, has been shutting less profitable stores. But
Loeb was quoted as saying it should close more Sogo and Seibu
A company spokesman said it was already in the process of an
overhaul to boost profitability and would do "nothing more,
Loeb, who has agitated for change at companies ranging from
auction house Sotheby's to Yahoo!, has also been seeking a
succession plan as Chief Executive Toshifumi Suzuki is 83 years
old. Loeb warned against nepotism in a separate report by
"The criteria used to determine the next CEO should be
competence and the ability to run this company successfully, not
family ties or preserving the Suzuki family dynasty," Bloomberg
quoted him as saying.
The spokesman said senior officials found Loeb's comments on
nepotism to be "wholly unjustified".
Loeb has actively sought change at Japanese companies in the
past few years, persuading robotics company Fanuc Corp to return
more of its growing cash pile to shareholders. His recent
investments in heavy machinery maker IHI Corp and Suzuki Motor
Corp have been less successful.
(Reporting by Ritsuko Shimizu; Editing by Stephen Coates)
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