Caltex Australia chairman Elizabeth Bryan will step down in December and will be replaced by her deputy Greig Gailey.
Ms Bryan was appointed chairman in 2007 and has been part of Caltex's board since 2002.
The oil refining and retailing company said it has also appointed former ABN Amro senior executive Steven Gregg as a board member.
Caltex's reported net profit more than doubled in the first half of the year, but the cash-rich company has been under pressure from investors to either make acquisitions or return capital after major shareholder Chevron exited earlier this year.
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