Former Governor of the Reserve Bank of Australia, Ian Macfarlane, has retired from the Woolworths board, effective immediately.

Woolworths said Macfarlane’s retirement is part of the board’s succession process and has enabled a suitable transition period following the appointment of Scott Perkins in September.

Woolworths chairman, Ralph Waters, paid tribute to Macfarlane’s long term contributions made “during a period of significant transformations for the company”.

“Ian Macfarlane joined the Woolworths board in January in 2007 following his retirement as Governor of the Reserve Bank of Australia. His extensive experience in public life and experts in economics greatly contributed to the board’s considerations,” Waters said.