Coogee Chemicals has announced that a succession plan is in place, with chairman Gordon Martin to hand over control to his son, Tim.
The West Australian reports that Tim Martin has been managing director for two years and will become executive chairman from his father on July 1, 2014.
A CEO from outside the family will be appointed for the first time, and Gordon Martin will stay on as a non-executive board member.
"There's been a plan in place for some time," Tim Martin told The West Australian.
"It's well known in the company."
The handover news comes about after Coogee announced plans to increase its fuel distribution offerings.
The Australian reports that Coogee has partnered with Japan’s Mitsubishi on a $100 million diesel import terminal at Port Bonython, near Whyalla.
Coogee will operate the terminal Mitsubishi is building in the Spencer Gulf, with fuel imports becoming more important as companies including Shell and Caltex announcing local refinery closures.