Victoria Racing Club chief executive Neil Wilson will be the next chairman of the club, but when he takes over has not been decided.

The VRC Board met on Friday to give Wilson the green light as chairman, but for the time being he will remain as chief executive to guide the club through the coronavirus crisis.

Current chairman Amanda Elliott told last December's annual general meeting the board had a clear view of who the next chairman should be.

"However, because of the extremely challenging COVID-19 situation, and with stability and continuity being crucial at this time, the effective date of that baton change needs to be flexible," Elliott said.

"The VRC is not immune to the impact of this pandemic, which is why the club announced its second stage measures on Friday.

"This was done to protect our business and our people, so that we can resume with a sense of normality and positivity when this situation is over.

"In the meantime, we are very grateful that Neil has extended his CEO contract in order to lead the VRC team through this precarious period."

Last week the VRC announced it was standing down the majority of its staff until May 1, retaining a small team to undertake critical business tasks.

It also reduced the executive team's working week to three days and cut their pay.

Wilson was elected to the VRC Board in 2012, becoming treasurer in 2017.

He was appointed interim chief executive in 2017 before his appointment in 2018 while remaining a member of the board.

The recruitment of a new chief executive is well advanced but will not be formalised until COVID-19 is deemed under control and the VRC can resume business as usual.