Red Apple Group, run by the billionaire Catsimatidis' family, elevated its chief investment officer into a new role. 

The New York-based conglomerate made John Catsimatidis Jr., who works directly under his father, its chief operating officer and president. Prior to the promotion, the NYU business school alum had headed up investments for about four years and helmed the transformation and restructuring team at the firm, according to Red Apple Group.

Catsimatidis Jr took over the COO job on Jan. 3. He is tasked with "overseeing the company’s day-to-day operations while also steering long-term strategic initiatives," Red Apple Group said.

Red Apple Group CEO John Catsimatidis Sr, who has considered various political runs for the Republican Party, said his son "has developed strong experience in nearly every division of the company over the last 12 years which leaves him well suited to the role." 

The company operates in a slew of industries spanning from energy and real estate to media and groceries. Some of its well-known entities include United Refining Company and Gristedes.

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Gristedes has a retail footprint spanning over 30 New York City area grocery stores, according to its website.

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The Greek-American billionaire, who created the conglomerate in 1968, had a personal fortune worth $4.3 billion, according to Forbes.

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Catsimatidis Jr said he was "thrilled to help contribute to make sure that growth continues for decades to come."