Ireland's largest privately-owned manufacturing firm, Glen Dimplex has confirmed Fergal Naughton as its new chief executive in place of Séan O'Driscoll, who is to become the group's president.

Company founder Martin Naughton, who set up Glen Electric in 1973 and acquired Dimplex four years later to create the group, is to step down as president and board member. He will however, remain on as chairman of a newly-formed shareholder supervisory group, which will provide strategic direction to the executive board.

In a major boardroom reshuffle, the group has also appointed Michael Maher as chief operating officer and named Neil Naughton, deputy chairman. In addition, Martin McCourt, formerly of Dyson, is to join the group as non-executive chairman.

“I am pleased to say that the business is in great shape; with a clear strategy and strong performance,” said Martin Naughton. “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.”

Mr Naughton, with a personal fortune estimated at $1.6 billion, was recently named on Forbes ranking of global billionaires.

Glen Dimplex, whose brands include Morphy Richards, Valor and Lec, is the world's largest manufacturer of electrical heating and also holds significant global market positions in domestic appliances, cooling and ventilation.