Eddie Hearn will succeed his father Barry Hearn as the chairman of Matchroom Sport.
Hearn Sr founded Matchroom in 1982, with the company best known for its involvement in elite boxing, darts and snooker.
Eddie, who was already the head of Matchroom Boxing, will take on a host of new roles in the group, including becoming the chairman of the boxing division and of the PDC.
Steve Dawson will replace Barry as the chairman of World Snooker following the 2021 World Snooker Championship.
Hearn Sr, who will become president of the group in an advisory role, said: "It has been a huge honour to have worked with some of the greatest sports people on the planet across the last 40 years and enjoyed so many wonderful experiences across our spectrum of events in that time."
His son added: "We have seen astounding growth in the last 10 years but we have only just begun.
"I look forward to continuously evolving and continuing the global growth of this astonishing family business."
Eddie Hearn is in the process of negotiating a heavyweight unification bout between British rivals Anthony Joshua and Tyson Fury.