Corus boss Kirby Adams is to step down in October.
He will be replaced by Dr Karl-Ulrich Köhler, who will become managing director and CEO of Corus owner Tata Steel Europe
Mr Adams will return to Australia, and remain available to Tata Steel in an advisory capacity.
Dr Köhler, 54, was appointed Chief Operating Officer in February 2010 and is working with Mr Adams in implementing a new strategy and business model.
Dr Köhler used to work at ThyssenKrupp Steel, where he was previously chairman of the executive board and a member of the executive board of the parent company, ThyssenKrupp AG.
He was president of Eurofer, the European steelmaking federation, until October last year.
Dr Köhler is already a board member of Tata Steel Europe and he will join the board of the parent company, Tata Steel Ltd later this year.
Mr Adams said: “I have spent the past 15 months undertaking a major review of the operations during a time of unprecedented difficulty in the European steel industry.
"The results of this review are now being implemented through the ‘One Company’ and ‘Customer First’ initiatives and I am proud that we have moved from loss-making to profitability.”