Following the resignation of Brendan Parnell as Chief Executive Officer, Racing Queensland (RQ) will enter a new era beginning next year.
Mr. Parnell has been assisting in the commercial transformation of the Queensland racing industry since 2018, delivering a number of accomplishments, including record-breaking revenue and wagering turnover.
Mr. Parnell will leave in the autumn of next year to take up a senior global racing role in the United Kingdom, prompting RQ to launch an extensive search for his replacement.
Mr. Parnell, according to RQ Chair Steve Wilson AM, can be proud of what he has accomplished, with the industry well positioned for a new CEO to succeed him.
“Brendan has been an energetic and dynamic leader who has overseen a strong period of growth for the industry,” Mr. Wilson said.
“As RQ has increased its revenue, it has been able to deliver record payments to participants and an incredible pipeline of infrastructure projects, with more on the horizon.”
He was also instrumental in negotiating our new media rights agreement, championing RQ’s reconciliation activities, driving innovation and commercialization of the racing calendar, and delivering our long-term funding arrangement through the up-coming Betting Tax changes.
“We wish Brendan well in his new role and look forward to a new CEO building on our strong foundations.”
RQ plans to invest more than $450 million in infrastructure projects over the next five years, including the Gold Coast tracks and lights project, the Greater Brisbane Greyhound Centre, and a new state-of-the-art harness racing venue.
This comes on the heels of the successful completion of the Ipswich Turf Club redevelopment, the Sunshine Coast Turf Club polytrack, and hundreds of other projects under the Country Racing Program.
“It’s been a privilege to lead the Queensland racing industry,” Mr. Parnell said.
“We’ve been the beneficiary of a highly supportive government, board, and RQ team who have been committed to driving commercial outcomes and achieving our strategic ambitions, including the launch of the Queensland Off-The-Track Program for retired racehorses.
“With the up-coming Betting Tax changes, the industry’s long-term funding model has now been secured, and it is a perfect time for a new leader to take the reins and advance the Queensland racing industry through their own ideas and concepts.”
RQ will begin advertising for a new CEO before the end of the year.
