Corcoran, a close confidante of Bombers coach James Hird, has been promoted to the position of football department head after filling the role of the club's people and development manager for the past two years.
He has previously performed similar roles at Essendon (1990-95) and Melbourne (1998-2003), after which he was the chief executive officer of Athletics Australia (2004-10) and the inaugural rugby operations manager at the Melbourne Rebels (2010).
Essendon chief executive officer Ian Robson said Corcoran would bring a wealth of experience to the role and was looking forward to the challenge.
“I am certain he will play a significant part in contributing to the success that all of us are committed to delivering to our supporter base in the coming years," he said.
In a statement on Monday night, Essendon revealed Hamilton - who has been the Bombers' football operations manager since 2008 - had informed the club he will seek other career opportunities.
However, Hamilton will remain with the Bombers until the end of the year in what the club described as a "player contracting and assurance role".
Robson expressed disappointment at losing Hamilton's services but was pleased he would complete the year to ensure a smooth transition.
“In his time at Essendon, Paul has played an integral role in building the playing list and overseeing many important changes to the club’s football program and operations," he said.
"He has been able to apply both football and commercial nous to his role. I wish to thank Paul for his professionalism and the outstanding contribution he has made to the club.”
Hamilton - who played 105 games for Essendon from 1986-92 and later had assistant coaching roles at North Melbourne and Adelaide - said the time was right to explore other employment options.
“It’s been enjoyable working with the players, coaches and staff in recent years and I wish James Hird, Jobe Watson and the entire club every success in the future,” he said.
