Ian Norman, co-founder of the Harvey Norman chain with Gerry Harvey, has died.

Norman, who was Harvey Norman’s second largest shareholder, died on Thursday at his home on the NSW Central Coast aged 75, after a long battle with throat cancer.

His 16.5 per cent stake will be controlled by his estate and estate controlled entities.

The stake represents 175 million shares, worth around $560 million.

“The executor and trustee has advised the company that the estate of Mr Norman and estate controlled entities intend to remain a long term shareholder in the company,” a statement said.

Norman launched the electrical, furniture and bedding company with Gerry Harvey in 1982.

Harvey Norman shares were down one cent at $3.20 at the close on Friday.

AAP