Mr Woodward, who joined Decanter in 2003 as deputy editor, will replace former editor Amy Wislocki who has now been promoted to managing editor.
The biggest challenge in his new role, he explained to Journalism.co.uk, will be 'broadening out a specialist subject to a general interest audience without losing core readership'.
Publishing director Sarah Kemp, said: "With Guy's promotion to editor and Amy returning as managing editor, Decanter has an unrivalled depth of talent and experience, which will enable us to build further upon our success."
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