Thomas announced yesterday that music industry man Simon Douglas will replace him at the helm of the company he founded in 1987.
Thomas will officially step out of his title as chief executive next week and expects to leave the company this summer.
Luminar chairman Alan Jackson commented: “Stephen has pioneered many of the modern operating trends now prevalent in the industry. He leaves us a great asset base and a strong, experienced and loyal team of people.”
Douglas, whose career includes management roles at retailers HMV and Virgin Retail, recently sat as chief executive of now defunct music retailer Zaavi.
Luminar, which runs bars and nightclubs across the UK, saw revenues for 2009 drop to £193.2m from £201.3m as profits before tax dropped to £20.3m from £31.5m.
Its interim economic statement said that youth unemployment, adverse weather and the economy continued to impact the frequency of visits made to its venues.