Dan Loeb Gets Revenge On Japan By Making 83-Year-Old Cry

The CEO of 7-Eleven will have to stand in for George Clooney in Loeb's revenge fantasy.
Author:
Updated:
Original:

A couple of years back, Dan Loeb had a rather unpleasant experience in Japan.

After suggesting (several times) that Sony might be a great deal better off if it got rid of its entertainment division and brought onto its board one D. Loeb, he heard two things that he is more used to saying himself: (a) “No.” And (b), an ad hominem attack, from no lesser personage that George Clooney. It was all a bit too much to endure, so Danny backed down.

However, it appears that he’s been seething over the humiliation ever since, biding his time to settle his score with the Land of the Rising Sun, looking for the perfect, non-George-Clooney-aligned target. And when 7-Eleven parent company chief Toshifumi Suzuki tried to fire the man Dan Loeb thought should have his job, no amount of decency or respect for elders or Japanese unfriendliness towards activist hedge fund managers could keep him from sending Suzuki into not-so-early retirement.

The dispute came to a climax on Thursday morning, when the Seven & i Holdings board met to consider a proposal backed by Mr. Suzuki to oust Mr. Isaka from his job. The vote was as close as it could be: 7-6 in favor, with two abstentions. The motion failed because it needed a majority of the 15-member board.

Hours later, at a sometimes-emotional news conference, Mr. Suzuki said he was stepping down. He described a lengthy effort to get Mr. Isaka to quit that ultimately failed. Mr. Suzuki said that in light of the turmoil, he no longer felt worthy of continuing in the CEO role….

“We are pleased to see that the [Seven & i board’s] succession planning will be based on merit and the best interests of shareholders,” Mr. Loeb said in a statement Thursday.

7-Eleven CEO Resigns as Loeb’s Hedge Fund Prevails in Japan Boardroom Fight [WSJ]

Related

Dan Loeb Is A Pretty Swell Guy: Dan Loeb

Anyone suggesting otherwise can just back the hell off.

By Renee Comet (Photographer) [Public domain or Public domain], via Wikimedia Commons

Dan Loeb Seriously In The Soup, Possibly Crying Therein

Winning his Campbell’s fight may be worse than losing.

(YouTube)

Give Dan Loeb An Oscar

The man has taken the art of shareholder activism to a scorching new level.

© José Luiz Bernardes Ribeiro / 

Elderly Soup Scions Invite Dan Loeb’s Ire, Get It

The Third Point chief’s poison pen may be a bit rusty, but it still works just fine.

Third Point LLC

Dan Loeb Doing Very Well Indeed With Company Ignoring Dan Loeb’s Advice

Third Point is taking this fight to Tokyo, having nearly doubled its money in New York.

Third Point LLC

Dan Loeb Believes In The Magic Of Hollywood Again

Enough to forego $3 million per year in Disney dividends.

Dan Loeb Will Have His Scalp, And Spinoff, Too

Dow Chemical's CEO knows what we're talking about.