The appointment will come as a relief to the retailer, which has been searching to fill the post since Christopher Rogers announced his departure to become Whitbread finance director in December last year.
At the same time, the retailer has also promoted two executives to the operational board. Steve Lewis and Lloyd Wigglesworth take their promotions immediately. Lewis is director of operations for the Woolworths retail fascias. He was appointed in 2001 after leaving a similar role at Dixons. He has more than 20 years of retail experience.
Wigglesworth was appointed managing director of the retailer's third-party supply arm, Entertainment UK, in March last year. He was previously a main board director of WHSmith.
Commenting on the appointments, Woolworths group chairman Gerald Corbett said: 'I am delighted to welcome Stephen to the Woolworth Group board. He is an experienced and well-respected finance director and alongside Lloyd and Steve, will bring added strength to the company.'