Morrisons chief Sir Ken Morrison has put an end to constant speculation and announced he is to retire in 2008.
Sir Ken will step down as chairman, a position he has held since 1967, and as a director of the firm at the start of next year.
He will then assume the role of life president.
Like-for-like sales rose six per cent in the 16 weeks to 21 May.
Morrisons believes its share of the grocery market has stabilised after its recent problems and anticipates further growth. "Whilst 2005/6 produced disappointing financial results, we now have a solid base for the future," the company said in a statement.
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