Hair clinic operator Reve21 Co. shortlisted four candidates to replace founder and CEO Katsumasa Okamura and prepare the company for an initial public offering and expansion overseas.

The four candidates, including former Toyota Motor Corp. employee Jun Iwata, have already been hired from 500 external applicants, Okamura, 67, said in an interview Monday in Tokyo.

Osaka-based Reve21 plans to open its first overseas business in Shanghai by Dec. 31 and list on exchanges in Tokyo and Hong Kong as early as 2015, he said.