Philips, who it was revealed had been sacked by the troubled retailer last month, will officially leave the business on Monday (February 16).
His five-year reign came to an end after Morrisons revealed a fall in total sales – excluding fuels – by 1.3% in the six weeks to January 4 2015.
To find out all about Philips’ controversial time in charge of Morrisons, view our gallery.
Morrisons said with the financial year closing on February 1 2015, Philips and the board had jointly agreed it was an appropriate time for him relinquish his responsibilities.
Morrisons’ chairman Andrew Higginson, who will also spend more time in the business until the new ceo is in place, said the search for a permanent appointment was going well.
“With Trevor Strain chairing the management board, together with the retailing strength and depth that I've seen in my short time at Morrisons, I'm confident that it will be business as usual during this transitional period,” he said.
Strain joined Morrisons in 2009 as commercial and operations finance director. In June 2011 he became finance director corporate and took responsibility for the firm’s productivity programmes.
Before this, he was UK property finance director at Tesco.