The chief executive position will be filled by Simon Hunt, the company’s current chief commercial officer.
Hunt joined William Grant in October 2007 as managing director of its North America operation. He was appointed to his current role in April 2013.
David, who was formerly global marketing chief at Bacardi before joining William Grant in 2009, is expected to stay on in an advisory role alongside Hunt for three months.
Glenn Gordon, chairman of William Grant & Sons, said: “We are all very grateful for Stella’s enormous contribution to the business in recent years.
“In particular, she has brought an exceptional level of energy and drive to our business, while significantly enhancing the premiumness of our brands and their appeal to consumers.
“This has evidenced itself both in the company’s results and the overall progress of the business in terms of the depth of talent we are privileged to have and the amount of passion that is felt all over the company.”
Stella David said: “I am immensely proud of my time at William Grant & Sons and there is no doubt that there is a huge amount I am going to miss about the company.
“It has been an incredible journey, with a focus on building brands, planning for the long term, working with a talented array of people and very supportive family shareholders.”
David plans to concentrate on developing her portfolio of non-executive directorships.
Established in 1887, core brands at William Grant include The Balvenie, Glenfiddich, Hendrick’s Gin, Tullamore Dew and Drambuie.
The latter two brands were both acquired during David’s spell at the helm.