Michael Smurfit is standing down from his position at the helm of the paper and packaging group, Smurfit Kappa.
He is being replaced by former Chief Executive at the Anglo Irish Bank, Sean Fitzpatrick.
The company has also announced plans to float on the Irish Stock Exchange in a move which will raise €1.3bn. Mr Smurfit said he believed industry conditions were now extremely attractive.
He has been instrumental in building the small packaging company started by his father Jefferson into the world's biggest player.
It joined the stock market in 1964 and rapidly expanded by acquiring struggling competitors.
Five years ago, shareholders were bought out in a deal financed by US group Madison Dearborn.
It then merged with Swedish company Kappa and Irish management remained in the driving seat.
Mr Smurfit, 70, has other business interests including ownership of the K Club, which staged last year's Ryder Cup.
