Leading businessman and long-serving Woolworths chairman James Strong will retire from his role at the supermarket chain's helm in November.
Mr Strong has been on the Woolworths board for 12-and-a-half years, and has served as its chairman for more than 11 years.
He will step down at the Woolworths annual general meeting to be held on November 22.
Mr Strong will be replaced by Woolworths director Ralph Waters, who has been on the company's board since January 2011.
Mr Waters is also currently the chairman of New Zealand company Fletcher Building.
Mr Strong was chief executive of Qantas from 1993 to 2001 and chairman of Insurance Australia Group between 2001 and 2010.
He currently sits on the board of outdoor equipment and clothing company Kathmandu, is also heavily involved in the arts and sports.
During his time as Woolworths chairman the company's share price has more than tripled in value, while annual sales have more than doubled to nearly $57 billion.