FORT WAYNE, Ind. (WANE) – The founder and CEO of Sweetwater Sound has announced that he is “stepping up” from his role.

In a letter to employees that was sent out two weeks ago, Chuck Surack announced that he is transitioning from his role as CEO and into the role of Chairman of the Sweetwater Board.

This comes just weeks after Sweetwater said that a firm out of Providence, Rhode Island is investing in the company. On Friday, Surack confirmed that Providence Equity Partners will now be the majority owner.

“They love our company and they realize how important it is to stay in Fort Wayne and the culture that we’ve worked for four decades, frankly, to develop. And the only really minor change is that I’m taking my role and I’m going to move my offices from the Sweetwater building to another building here in town,” Surack said.

Surack says that he will start managing the Sweet Family of Companies. He told WANE 15 that he also hopes to start construction on a number of blocks that he owns in downtown Fort Wayne and more within the next year.

“My wife and I have a real heart for southeast Fort Wayne and so we want to get some development going out there, and that’s kind of where I’m going to focus for the next several years,” Surack said.

He added this transition is like when a parent launches a child out onto their own.

“I’m just thrilled that I’ve been able to take it from an old, beat up VW bus to where we are today,” Surack said.

These changes were effective July 15. The new CEO is long time Executive Vice President and C.O.O. John Hopkins.