Corbett, who has served two three-year terms as chairman, will be succeeded by Richard North, who joined the board in October.
North has been chief executive of Intercontinental Hotels Group and was previously finance director of Bass and the Burton Group. His former non-executive directorships include Asda and Logica CMG.
North said: 'Gerald Corbett has done a great job in leading Woolworths Group through the demerger and its early life as a public company. The board would like to thank Gerald for his hard work and commitment and wish him all the best for the
future.
'Woolworths is a well-recognised brand with a wide high street presence. The
entertainment businesses have strong positions in their respective markets. I am
looking forward to working with the management team.'
Corbett said: 'My six years as chairman of Woolworths is up at the AGM and it is time to hand over the reins. Much has changed since the demerger from Kingfisher. I am pleased with the entertainment, wholesale and publishing businesses we have built and while the recent performance of the retail chain has been disappointing, the building blocks are in place for a recovery.'
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