Nick Rust, retail director of bookmakers Ladbrokes, will be the new chief executive of the British Horseracing Authority.

Rust, 47, will replace Australian Paul Bittar, who announced earlier this year he was leaving at the end of his three-year term.

A racehorse owner, Rust is expected to join the BHA in the first quarter of 2015.

"Given my lifelong passion for British racing, I am thrilled and honoured to be taking up the role of chief executive at BHA," Rust said.

"Racing is a huge sport, and critical to many areas of the economy. It has many exciting opportunities ahead and I know that the racing industry can grasp these."

Bittar congratulated Rust via Twitter.

"Congrats Nick Rust on securing one of the great jobs in sport. Likeable and effective, I wish him luck for the many challenges that lie ahead," he said.

Ladbrokes said there were no immediate plans to replace Rust in a like-for-like role.