Randall Mays, president and chief financial officer of Clear Channel Communications Inc., plans to step down from his role at the radio broadcaster, according to a person with knowledge of his plans.

Mays, 44, will remain finance chief until a successor is named, said the person, who insisted on anonymity because the change hasn’t been announced. Chief Executive Officer Mark Mays will assume the title of president, the person said.

The private equity groups Bain Capital Partners LLC and Thomas H. Lee Partners LP took control of San Antonio-based Clear Channel in a $17.9 billion buyout in July 2008. Randall and Mark are the sons of L. Lowry Mays, who built the company into the largest U.S. radio broadcaster.

Randall Mays will become a vice chairman and serve on the board, according to the person. Since the takeover, the private equity partners have assumed a more direct role in the operations and finances, the person said.

Lisa Dollinger, a company spokeswoman, declined to comment.