Giant supermarket operator Woolworths confirmed reports that recruitment firm Ergon Zehnder is on the lookout for new executives that would fill up vacancies in the retail group.

The positions set to be freed up, however, are for board directors and not for the chief executive post currently occupied by Michael Luscombe, who was rumoured to be on his way out as he approaches his fifth year as Woolworths CEO.

The speculations were fuelled by talks reportedly coming from Luscombe himself that he plans to steer Woolworths' operations for at least fiver years and then opt for retirement. Luscombe will mark his five year stint as head of the firm in October this year.

Further rumours about his imminent departure from Woolworths spread last weekend when Luscombe discussed his future plans outside the company yet the firm kept its silence about any succession developments for the top post.

Even Woolworths chair James Strong could not be reached to shed light on the swirling stories about the group's alleged leadership change and a conference set for today, according to sources, will touch on other company issues but not about Luscombe's tenure as CEO.

In a recent interview, Luscombe not only discussed possible succession for the retail giant but also pushed for a likely replacement, Greg Foran, yet despite the seemingly detailed exit plans he laid, a company spokeswoman stressed that "there was no merit to suggestions that Luscombe was planning to leave."

Also, Strong denied insinuations that Luscombe's departure may have been prompted by tensions brewing between them as he pointed out that any comments allowed by the chief executive during his weekend interview were merely "philosophical and nothing more."

He added that any board discussion on Luscombe's future as CEO delves mostly on natural leadership succession.