After five years in the job, Racing Victoria CEO Giles Thompson announced his resignation on Friday afternoon.

Thompson said he was “proud” and that the “time was right” to finish up his role, however he will still be in the position until June 30, when his eventual successor will take over.

“It has been my privilege to lead this industry for more than five years during what has been an incredible period of growth. I am particularly proud of the record $280m of prizemoney and bonuses now on offer for hardworking participants who are the lifeblood of our sport,” Thompson said.

“With the customer at the centre of everything we do, we have been able to drive great outcomes, from the exceptional quality of our racing program, participants and athletes, to our world class infrastructure and facilities.

“While it will continue to evolve, the Victorian Spring Racing Carnival remains one of the world's greatest racing events with 21 Group One races, $110m in prizemoney and top-quality racing on some of the best race tracks in the world.

“Having finalised the establishment of the integrated media business and successfully navigated the industry through the peak challenges of the global pandemic, the time is right to hand over to a new CEO to lead the industry into its next phase.”

Thompson was also involved in the inception of races like the All-Star Mile, while he played a leading roll in establishing equine welfare initiatives in Victorian racing.

RV chairman Brian Kruger thanked Thompson for his “significant contribution” during the five years he was at the helm
“On behalf of the Racing Victoria Board and Executive Team I would like to extend my thanks to Giles for his significant contribution to the prosperity of racing in Victoria over more than five years,” Kruger said.

“Giles' tenure has been characterised by strong governance and financial management, enabling record levels of investment for the benefit of all of our many stakeholders.

“Of course, his biggest achievement has been leading his team and the industry through the unparalleled challenges of COVID. To have kept the industry operating as successfully as it has over the last two years is a testament to his hard work and dedication.

“The Board appreciates Giles' commitment to oversee the transition to new leadership and we wish him well in his future endeavours.”

Thompson's reign, despite being throughout the COVID-19 pandemic, saw record wagering turnover, revenue growth and industry investment in Victoria racing.