Former Railtrack chairman Gerald Corbett is to work part time at UK retail group Woolworths, where he took over as chairman last March, the company has announced.

Mr Corbett will work a three-day week after handing over the running of the firm to new chief executive, Trevor Bish-Jones.

That is more than the one-day week anticipated when Woolworths was demerged from Kingfisher last August.

Mr Corbett's salary will be �125,000 a year.

His role will be primarily be one of liasing with shareholders and financial institutions.

Sales and profits have fallen at Woolworths in recent months, but its share price has risen under Mr Corbett from 33.75p to 41.5p.

The increase in the company's hare price is attributed to a successful debt clearance programme.

Mr Corbett last Tuesday waived his right to a bonus of almost �200,000.