Rowe founded the company with his wife Hazel in 1972 as a mail order business selling automotive parts which was the start of Super Cheap Auto. He has committed to remaining a long-term shareholder of the company.

Since then it has grown to include brands like BCF, Macpac and rebel and has a market value of almost $3 billion. Rowe’s wealth has been estimated at $680 million.

His long-time business adviser, Mark O’Hare, would take Rowe’s seat on the board.

Rowe said he remained as passionate about the company as he did when he started the business, but it was the right time to step aside.

“The group is in good hands under the stewardship of an experienced board and management team and with a strategy that will enable Super Retail Group to continue to innovate, grow the business and deliver value for our shareholders,” he said.

Super Retail chair Sally Pitkin said Rowe was a giant of Australian retailing and was pivotal in the development of the company.

“Although Reg retires from his formal role with the board, we are delighted he intends to continue his regular visits to our stores and offices, ensuring he will remain a familiar face for our team members,” Pitkin said.