Neil Davies has quit as chief executive to become a non-executive director at the Altrincham-based firm.
Chairman Gerard Quiligotti, 58, remains at the helm but in a non-executive capacity.
Both men will continue in their new roles for a short time only.
The company said that would be until the end of the year or until a suitable chairman is found, whichever is sooner.
Mr Davies, 48, has been replaced by Ivan McKeever, who moves up from group managing director.
Mr McKeever joined the business in 2002.
In a stock market statement, Styles & Wood said Mr Davies would help Mr McKeever with the transition into his new post.
Shares in Styles & Wood collapsed 10 days ago when the company issued a profit warning following a slump in orders.
The downturn also forced Mr Davies and Mr Quiligotti to abandon their plans for a buyout backed by private equity funding.
They had indicated an offer price of 125p a share, valuing the business at around £80m.
News of their proposals sent the shares soaring when they were revealed in April.
However, they plunged to under 40p after the planned deal came off the rails.
After yesterday's announcement, the shares gained 0.5p or 1.32 per cent to 38.75p.
Mr Davies joined Styles & Wood in 1994 and became chief executive in January 2003.
His salary package increased from £314,000 in 2006 to £453,000 last year.
Mr Quiligotti spent a decade as CEO before moving to chairman in January 2003. He collected £413,000 last year, up from £294,000 in 2006.
The duo led the company to the stock market in 2006 and the business, which has more than 400 staff, enjoyed strong growth until a market slump this year.
It said retailers had begun to defer refurbishment schemes and it was experiencing pressure on margins.
Styles & Wood posted profits of £11.8m last year on revenues of £315.5m.
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