Love was appointed to the post in 2015 after four years as an executive general manager, mostly working in corporate finance and strategic initiatives.

Love replaced the former caretaker CEO Julian Sullivan in 2015. The decision comes at a bad time for the club.

Amanda Elliott, the first female chairman of the VRC is about to embark on the rebuilding of a new grandstand, which is one of the major priorities in Victorian racing.

Fairfax Media believe that Love's relationship with some board members had deteriorated in recent months.

Elliott is working with her board to regain the loss of major sponsors such as Crown and other important backers of their major races.

Elliott thanked Love for his six years' service to the VRC and for agreeing to remain in the role until the appointment of an interim CEO.

Elliott said that the board would make that appointment as soon as possible and commence the search for a permanent replacement.