Oil major Total SA's (TOT) Chairman Thierry Desmarest Friday confirmed Chief Executive Christophe de Margerie is to replace him and will hold both posts.

De Margerie will be a "very good" chairman and CEO, Desmarest said in his opening remarkes at the company's annual general meeting of shareholders.

Desmarest used to hold both positions himself, before making way for de Margerie in 2007. He is set to step down as chairman in 2010 but no precise date has yet been set, a Total spokesman said.

Desmarest said he doesn't want to continue as chairman beyond the age of 65.

-By Adam Mitchell, Dow Jones Newswires; +33 1 40171740; adam.mitchell@dowjones.com