A general decomposition theory of ordered exponentials is presented by reducing the problem to the decomposition of ordinary exponential operators in terms of the super-operator J defined by F(t)exp(DELTAtJ)G(t) = F(t+DELTAt)G(t). It is proved that T(exp integral-t+DELTAt/t H(s)ds) = exp[DELTAt(H(t)+J)]. Here T denotes the time ordering.