Bridge has been with the hospitality giant for over 45 years, 11 of which he spent as chairman.
Yea will join the board today as a non-executive director and will take up the role of chairman on 2 May 2016, the day after Bridge retires.
"I feel very fortunate to have spent my whole career working for a great company which has grown from being a regional brewer to one of the UK's leading pub hospitality companies," said Bridge. "We have achieved this with an outstanding team of people and I feel confident that, through them, and with Philip Yea replacing me as chairman, the company will continue to prosper in the future."
Yea added: "I am delighted to be joining Greene King and it will be an honour to succeed Tim Bridge when he retires as chairman."
Rob Rowley, senior independent non-executive director, remarked: "We would like to thank Tim Bridge for his excellent and extensive contribution to the group, spanning over 45 years. He has done an outstanding job as chairman and it has been a real pleasure working with him. His experience and advice, coupled with his deep commitment to the success of the business have been invaluable and the Board and I wish him a happy and healthy retirement."