Bernard Saundry will quit as Racing Victoria chief executive at the end of the year.

Saundry told Racing Victoria of his decision to step down during a monthly board meeting on Thursday.

His resignation will end a 14-year tenure with the governing body, having been promoted to chief executive in November, 2012.

Saundry has agreed to stay on to help out during RV's search for his replacement.

He said he had enjoyed working within the Victorian racing industry and believed the time was right for a new chief executive.

"There remain a number of key projects around infrastructure, wagering, governance and integrity that I'm keen to progress to ensure that the industry is best placed to realise its future growth strategies," Saundry said in a statement.

"As such, it will remain business as usual for myself and Racing Victoria throughout the remainder of 2016."

Since taking over as chief executive, Saundry has overseen a turnaround in Racing Victoria's financial position which in turn has led to significant increases in returns to the industry.

He also led a new media rights strategy which led to the formation of racing.com, Australia's only free-to-air television channel.

RV chairman David Moodie said Saundry's contribution to racing would always be valued.

"No one could ever question Bernard's commitment and dedication to the task and his desire to see Victorian racing grow and prosper for the benefit of all," Moodie said.