Mike O'Brien has sold a bunch of shares to his brother, John.
"Mike will still retain a financial and equity interest in the business," said a statement from Fibrax.
"I have worked for Fibrax for twenty years and felt the time was right for me to explore other opportunities in life. My wife and I have some other business interests which we are developing," said O'Brien.
Sarah Burgess takes on the role of overseeing the cycle division.