Martin Naughton has stepped down as president of Glen Dimplex as part of a series of changes at the company.
Mr Naughton, 76, will also leave his position on the firm's executive board, but will remain as chairman of its shareholder supervisory board.
He will be replaced as president by Seán O'Driscoll, who until now has been company CEO.
Mr O'Driscoll will, in turn, be succeeded by Fergal Naughton, with Michael Maher becoming the company's chief operating officer.
Meanwhile, Glen Dimplex has also announced that former Dyson CEO Martin McCourt will join the company as non-executive chairman, while Neil Naughton will become the company's deputy chairman.
Martin Naughton founded Glen Electric in Newry in 1973, acquiring Dimplex four years later to form the Glen Dimplex Group.
The company, which is headquarted in Dublin, has grown to become the largest electrical heating business in the world, enjoying revenues of around €1 billion in 2014.
In addition to its electrical heaters Glen Dimplex also owns a number of well-known consumer brands, including Morphy Richards, Belling, Xpelair and Roberts Radios.
In a statement Martin Naughton told staff that he left his role with the business "in great shape; with a clear strategy and strong performance.
"We have a high calibre team at Glen Dimplex which will drive its long term profitable growth and make our companies even more exceptional in the years ahead," he said.
According to Forbes, Mr Naughton has a net worth of around €1.6 billion.
