Coleman, who comes to Woodside with 27 years industry experience with ExxonMobil, will take up his appointment on Monday May 30, replacing Voelte who announced his intention to retire last October after more than seven years with the company.

Woodside chairman Michael Chaney said Coleman's appointment followed an extensive recruitment process which considered a strong field of internal and external candidates.

"The board is delighted that Mr Coleman has agreed to lead Woodside through the company's next phase of growth," he said.

"Mr Coleman brings to the role a wealth of experience across all aspects of the oil and gas industry."

Coleman, an Australian from Sale in regional Victoria, has held a variety of roles in Australia, Africa, Asia and the US with his most recent position as ExxonMobil Development Company vice-president where he was responsible for oil and gas developments around the world.

This included Exxon's Papua New Guinea liquefied natural gas project and oil and gas developments in Malaysia, Indonesia and Australia.

The appointment of Coleman could come as a surprise as speculation as to who would take the top job at Woodside has focused on Origin managing director Grant King and internal candidates including North West Shelf executive vice-president Kevin Gallagher, executive vice-president commercial and general counsel Rob Cole and Pluto executive vice-president Lucio Della Martina.

More recently former BG Group chief financial officer Ashley Almanza was also thought to be in line for the top job.

Voelte, who took the reins at the company in April 2004, welcomed Coleman's appointment saying his wide industry experience and unique oil and gas skills will stand him in good stead in his new role.

He also said he would continue to closely follow the fortunes of Woodside after he formally left the company on June 30. Voelte will step down as CEO and managing director once Coleman commences but will remain with Woodside for several weeks to assist with the transition.

"I am privileged to have served in the best job in my career over the past seven years," he said.

"It was a hard decision to make way for a new CEO, but it was the right call and I leave the company happy with the contribution I have made."

Chaney paid tribute to the achievements of Voelte saying he oversaw a significant expansion of Woodside's LNG portfolio and created a strong ‘can do' culture within the company.

"He has made an enormous contribution during his tenure, leaving Woodside in a great position from which it can continue to build under Mr Coleman's leadership."

Coleman said he was excited to be joining Woodside, a company he had long admired.

"I have followed Woodside closely since beginning my career in the oil and gas industry nearly three decades ago and I relish the opportunity to lead this great Australian company," he said.

"Woodside has an impressive portfolio of Australian oil and gas assets right across the development timeframe and I look forward to growing the company as successfully as my predecessors and in a manner which continues to provide superior returns to shareholders."

Coleman's remuneration package consists of a fixed annual reward of $2.1 million which includes certain fringe benefits and associated taxes, variable annual reward composed of a short-term incentive component and long-term incentive component, and a sign-on incentive of Woodside shares to the value of $3 million.

Shares in Woodside dropped 1.37% to $45.55 on the news.