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Racing Australia Chairman Greg Nichols has paid tribute to Barry O’Farrell following the announcement he is stepping down from the CEO role.

"The Board joins me in thanking Barry for his hard work and dedication to the advancement of Australian racing and breeding and wishes him well in the future," Greg Nichol said.

"Barry recently advised me that, for professional reasons he's currently unable to disclose, he was no longer able to continue in the role" Mr Nichols said.

Barry has been the CEO of Racing Australia since January 2017 during which he has overseen a period of continued reform and expansion of Racing Australia.

Racing Australia Operations CEO Myles Foreman will assume the role of Acting CEO while the Board considers a replacement process at its November Board Meeting.