Seven & i Holdings, the Japanese retail giant at the centre of a takeover battle, is finalising a plan for its president to step down and be replaced by the company's first foreign chief. President Ryuichi Isaka will resign and be replaced by director Stephen Dacus,

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 said in a statement that media reports about its management did not come from the company and that nothing had been decided

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.