Sainsbury's has said that chief executive Justin King is to leave the supermarket chain in July, after 10 years at the head of the company.
Mike Coupe, Sainsbury's group commercial director, will succeed him as chief executive, the company said.
Sainsbury's chairman David Tyler said Mr King was "a truly exceptional leader", adding that he leaves "a lasting legacy".
Mr King will leave the company after the annual general meeting on 9 July.
Continue reading the main storyMr King said: "This was not an easy decision for me to make, and in truth it will never feel like the right time to leave a company like Sainsbury's."
Leading the company had been a "privilege", he added.
'Top performer'Retail analyst Richard Perks told the BBC that Mr King had done "fantastic" things at Sainsbury's.
"He's transformed the business into a top performer - in its sector it is market leader at the moment," he said.
Mr Perks added that Mr King had expanded the company into non-food items, and successfully developed Sainsbury's Local branches.
Regarding the challenge facing Mr King's successor Mr Coupe, Richard Perks said that his task was "huge".
"We have to hope that Mike Coupe can fill those big shoes, but we probably won't know how he's really doing for two-to-three years".
Sainsbury's said that under Mr King, sales had risen by a total of £9.5bn, while underlying profits had risen from £254m in 2004-05 to £756m in 2012-13.
The supermarket chain, which has a 17% share of the UK's grocery market, is now worth about £6.8bn on the stock market.
End Quote Justin King Former Sainsbury's bossYou have to enjoy the good times because there's always a bad one around the corner"
Sainsbury's share price hit a peak of about 600p in June 2007, but is now trading at around 346p, despite five consecutive years of profit growth.
Shares in the supermarket fell more than 2% on the news of Mr King's departure.
CompetitionSpeaking to BBC Radio 5 live earlier this month, Mr King said expanding brands within the Sainsbury's portfolio - such as the more upmarket Taste the Difference range - had proved to be a successful strategy.
He added that consumer behaviour had changed as far as food shopping.
"We've seen big trends in people shifting online, and for convenience stores. People are breaking up their shop now - doing a bit online, a bit at convenience stores" he said.
Sainsbury's now has more convenience stores than supermarkets.
When he was asked about the threat from competitors, Mr King said: "You have to enjoy the good times because there's always a bad one around the corner. We've fought hard for our position."
There has been speculation that Mr King could be a possible future leader for Marks and Spencer, which is currently led by Marc Bolland, formerly of the Morrisons supermarket chain.
However, Mr King told BBC Radio 5 live that he was not tempted by the thought. "It's not a job that interests me," he said.
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