The board of Woolworths announced today (24 May) that Michael Luscombe has been appointed to succeed Roger Corbett as chief executive officer. Luscombe will assume the position from 1 October. From 1 June he will serve as chief operating officer.

Woolworths chairman James Strong said that Luscombe had risen through the ranks in Woolworths, most recently serving as head of Woolworths' supermarket division.

"He has progressed from joining as a trainee through store management, training and development, merchandising, and marketing, buying and supply chain management.

"His most recent roles have been in key areas of the business as director of supermarkets, and prior to that in a leadership role in the changes via Project Refresh to establish our international standard new supply chain and inventory management systems," Strong said.

Strong said Luscombe was a classical example of the Woolworths style: appointed from within, with significant retail experience across a wide spectrum of roles and areas.

Corbett has served as CEO for the past eight-years. During his tenure, the company's market value increased from AUD$4bn (US$3.02bn) to AUD$22bn.