Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

Good morning. Today is Thursday, March 6th. I'm Julie Morgan. A leadership shakeup, IPO plans at a major buyback at 7 and I.

Starlink pushes back on recent media reports, and Victoria's Secret sees growth,

but flags uncertainty. Seven and I has appointed its first foreign CEO. The company also announced

plans to take its convenience store business public and implement an over $13 billion stock buyback.

Steve Dacus, the head of the special committee, evaluating the takeover bid by Canada's

alimentation Couchard, will replace the current CEO.

Seven and I also plans to list 7-Eleven business on one of the major U.S. stock exchanges,

with the IPO expected to happen by the second

half of next year. Seven and I will retain its majority stake. The company also said it would sell a

60% stake in its supermarket business to a Bain Capital-owned special purpose company for the

Japanese yen equivalents of $5.5 billion.

Seven and I will hold a 35.07% stake, while the founding family will own 4.93%.

The deal is expected to close in September. To further unlock shareholder value,

7&I plans to buy back shares worth the

Japanese yen equivalent of $13.5 billion by fiscal year 2030 with the proceeds from the sale of

its supermarket chain and the 7-11 IPO. The repurchases will begin once the Bain Capital

deal closes. Seven and I also plans to implement a progressive

dividend policy and is continuing to sell down its ownership stake in its banking unit to below 40%.

The company added that its special committee will continue to constructively engage with Couchard on its

takeover proposal and how to address U.S. antitrust

challenges if a deal is reached.

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