Woolies CFO to retire

Retailer announces finance director Tom Pockett's resignation at AGM, GM of corporate finance David Marr to replace him.

Woolworths (WOW) has announced finance director Tom Pockett's retirement at its annual general meeting.

Mr Pockett will leave his position in February and will retire from the board on July 1, 2014.

General manager of corporate finance David Marr will replace Mr Pockett.

Woolworths says it has managed the succession and Mr Marr has already been with the retailer for the past two years.

Woolworths chairman Ralph Waters said it has been Mr Pockett's wish for more than 12 months to retire.

"The board prevailed upon him to stay during this critical time in Woolworths' transformation."