Morrisons chief executive Dalton Philips is to leave the troubled supermarket after five years in charge.
The firm said the search had begun for a replacement and Mr Philips would stay until the year-end results in March.
Andrew Higginson, the chairman-elect, said: "We need to return the business to growth. The board believes this is best done under new leadership."
Separately, Morrisons said like-for-like sales excluding fuel in the six weeks to 4 January fell 3.1%.
The supermarket also said it would be closing 10 loss-making stores during 2015.
Minutes into the start of trading, shares in Morrisons were 4% higher.
Mr Philips was under pressure for Morrisons' poor trading performance, in particular for delays in moving into the convenience store sector and setting up an online operation.
Last September, chairman Sir Ian Gibson acknowledged that trading conditions were tough and that the whole industry was experiencing "unprecedented change".
Morrisons is being squeezed between the higher end of the market and the discount supermarkets, such as Aldi and Lidl.
Mr Philips said in a statement that he had been "proud" to work at the company. "Over the last five years, we have made many improvements to the business and given Morrisons strong foundations for the future."
Mr Philips will remain at the company until Morrisons reports its annual profits figures in March. The executive said in a conference call with journalists. "I don't have another job to go to. My wife has given me a long list of chores to do."
Morrisons also said Mr Higginson, a former Tesco finance director, would succeed Mr Gibson as chairman on 22 January.
The Bradford-based company's Christmas trading figures were slightly better than analysts' forecasts, which had been predicting a fall of about 3.8%.
However, the numbers still compare unfavourably with Morrisons' bigger rivals.
Last week, Sainsbury's warned that the outlook for 2015 would "remain challenging". The comments came after the supermarket reported a 1.7% drop in like-for-like sales over the Christmas trading period.
And Tesco said its sales over the holiday period were down just 0.3%.
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