Seven & i Holdings , the Japanese retail giant at the centre of a takeover battle, is finalising a plan for its chief executive to step down, mostly likely to be replaced by its first foreign chief, two people familiar with the matter said.

The Japanese parent company of convenience store chain 7-Eleven is reportedly preparing for its current president, Ryuichi Isaka, to step down, with its outside director, Stephen Hayes Dacus, poised to take his place.

TOKYO -- Seven & i Holdings will appoint Stephen Hayes Dacus, who is the lead independent director of the retail group, as company president, marking the latest move amid a takeover bid from Canada's Alimentation Couche-Tard. Incumbent President Ryuichi Isaka will step down.

Seven & I Holdings is finalising a plan for President Ryuichi Isaka to resign and be replaced by director Stephen Dacus, the Nikkei business daily reported on Monday. The company is set to hold a board meeting soon to finalise the plan,

The Japanese parent company of convenience store chain 7-Eleven is reportedly preparing for its current president, Ryuichi Isaka, to step down, with its outside director, Stephen Hayes Dacus, poised to take his place.