Chequered flag for Australian Grand Prix CEO

Australian Grand Prix CEO Andrew Westacott will step down from his role following the 2023 event.

Australian Grand Prix Corporation CEO Andrew Westacott in June. (Supplied)

Westacott announced on Thursday that he will not seek another term as CEO after 12 years in the role.

He joined the Australian Grand Prix Corporation (AGPC) in 2006 as General Manager - Operations in 2006, before being appointed as Deputy CEO, and then CEO in February 2011.

"Andrew has led AGPC through a transformative period and is to be commended on his outstanding contribution to motorsport and tourism in Victoria," said AGPC Chairman Paul Little AO.

"He leaves AGPC positioned for continued global success and I wish him all the very best in his future endeavours."

Westacott has witnessed fifteen iterations of both the Formula 1 Australian Grand Prix and the Australian Motorcycle Grand Prix.

"It’s been a source of immense pride to be able to work for the Australian Grand Prix Corporation for so many years and to work so closely with the wonderful AGPC team and all those involved in our major events industry, including those at Formula One and MotoGP," said Westacott.

"Thirty events, a few cancellations along the way and record-breaking crowds in 2022 have all provided special moments."

"The contrasting years between the start of Covid in 2020 and the way in which we opened Melbourne to the sporting world in 2022 both produced massive memories that I’ll remember forever."

Westacott will depart the AGPC between the conclusion of the 2023 Grand Prix and the end of his contract on 30 June.

An AGPC spokesperson said "an announcement on the process to find Andrew’s successor at AGPC will be made in due course."