According to a company statement, the eponymous rose breeder, author and nurseryman will now act as an ambassador to support the growth and further development of the business.
Peter Beales said: "Having run the business for more than 40 years, I felt that it was time to hand over the management to my son, Richard, which is a privilege for a father to be able to do for a son, who is someone who cares so passionately about the business."
Richard joined the family business after the completion of his studies at Writtle College. He said: "I am pleased to be taking over the management of the business. Peter Beales Roses has become a renowned name in the rose industry thanks to the hard work that my father has invested over the years."
He continued: "I plan to build on his success and take the business further forward in the direction that I know he would like and approve of."
Since establishing the business in 1968, Peter Beales has introduced more than 80 new varieties and won more than 60 gold medals at RHS shows. The rest of the board remains unchanged.