Aaron Morrison has been appointed as the new chief executive of Racing Victoria, having served in the role on an interim basis since Andrew Jones’ sudden departure in April.
As The Straight reported earlier this week, the Racing Victoria board had whittled their candidates down to Morrison and Thoroughbred Breeders' Australia chief executive Tom Reilly.
Both men boasted strong credentials, but Morrison's power as an incumbent, plus his knowledge of the Racing Victoria businesses, in which he has worked since 2017, is believed to have put him over the line.
It was a close-run race. The three-man panel convened to identify the next CEO was not initially unanimous on whether it should be Reilly or Morrison who got the job. It is believed chairman Tim Eddy was keen on Morrison, and after further discussion, a recommendation was taken to the Board by the selection panel.
The Board met on Monday and determined Morrison as most suited for the role and began informing stakeholders on Tuesday before public confirmation around 2:15pm.
“The Board is delighted to announce the appointment of Aaron Morrison as the CEO of Racing Victoria," Eddy said.
“We had a talented field of candidates from which to select and we were fortunate to have a strong internal one who presented a high benchmark from which to compare."
The recruitment process, which was handled by Heidrick and Struggles, began when Jones stepped down in April, at which time it was anticipated that Gillon McLachlan would step into the role of Racing Victoria chairman and spearhead a refresh of the executive.
Morrison, who had worked as Chief Operating Officer under Jones, and who had been a candidate for the role when Jones was appointed in 2022, was promoted to interim CEO.
However, McLachlan did not accept the chairman role, and instead took the role as CEO of Tabcorp, leaving Racing Minister Anthony Carbines to appoint Eddy, who was already on the board, as chairman.
Morrison was able to successful use his time in the interim hotseat to push his credentials for the role on a permanent basis. He placed a strong emphasis on repairing relationships with stakeholders who had been displeased under the previous regimes.
While there had been a desire among stakeholders for an executive refresh, Morrison was long seen as the front runner for the role.
He served as Chief Financial Officer and Chief Commercial Officer at RV from 2017 until 2022, before becoming CFO and COO under Jones.
Previously he had worked as the CEO of privately owned hospitality group Sand Hill Road, while before that he was Group GM of casino operator Skycity. He also had a long tenure in strategy and business development with Crown Resorts.
Bren O’Brien
Morrison headed a shortlist of four candidates which were interviewed by a panel which consisted of Eddy and new Board directors Tim Rourke and Mark Player.
That list was cut to two late last week, with Reilly emerging as a strong candidate.
Reilly has been chief executive of Thoroughbred Breeders Australia and Aushorse for 10 years, and before that was a senior journalist and editor at the Sydney Morning Herald. Born in the UK, Reilly had also worked in stables in the UK and the United States.
Bren O’Brien
The Straight understands that when it went to the full board, the internal candidate was seen to provide greater continuity.
“During his time at RV, Aaron has established an intimate knowledge of the breadth and complexity of the industry and demonstrated an ability to build strong relationships with staff, stakeholders and Government," Eddy said.
“He boasts an extensive corporate background and has a deep understanding of the economics of racing and wagering, the importance of stakeholder engagement, and a genuine passion for the sport.
“Aaron has further demonstrated his capabilities throughout his period as Interim CEO and we’re confident that we have a highly capable person to lead the industry through a key period in its future.”
"Aaron has established an intimate knowledge of the breadth and complexity of the industry and demonstrated an ability to build strong relationships with staff, stakeholders and Government." - Tim Eddy
Morrison said he was "excited and honoured" to be appointed CEO.
"I look forward to working together with all to continue to grow Victorian racing," he said.
“As an owner of multiple horses and a keen punter, I have developed a great love for the sport, an admiration for its equine athletes and respect for those who work tirelessly to put on the show each day.
“Victorian racing is a leader, whether through the quality of our racing, the strength of our engagement and wagering, or the heritage of our Clubs and events, and it’s from this strong base that we need to continue to evolve and improve."
“I also recognise the challenges ahead and the need for necessary change to position us for long-term success and sustainability."
With Aaron Morrison being appointed as the new chief executive of @RacingVictoria what happens now. @streetruffian takes a look at who is the new CEO and what will he be looking at in his new role.
— The Straight (@TheStraightX) August 20, 2024
📖 Read more : https://t.co/E9ViaZEI5c#TheStraight #RacingVictoria pic.twitter.com/PIib2tsNUq
Racing Victoria faces a raft of challenges under its new executive regime. Morrison’s first priority will be to continue to repair the relationship with stakeholders, while he will have to decide whether he continues with the current executive set-up, which includes Matt Welsh, Jamie McGuinness, Michelle Fielding and Jamie Stier.
Racing Victoria’s funding model is undergoing a major overhaul, with the end of the joint venture with Tabcorp, and a new agreement for Point Of Consumption Tax with the state government which is supposed to leave RV ‘no worse off’ from the previous JV arrangement.
All of this is occurring at a time where racing turnover has plummeted, reportedly by as much as 18 per cent over the past two years, while the racing clubs are struggling to make ends meet.
Morrison’s tenure will take in the reframing of the relationship with Tabcorp as well as the decision over the future of Sandown racecourse by the Melbourne Racing Club.
“An immediate priority will be to review the structure, resources and operations of the Racing Victoria Group, including our media businesses, to drive greater alignment and ensure we’re leveraging our assets to maximum benefit," Morrison said.
“We need to ensure that we have the right structures and capabilities in place to achieve our goal of maximising returns to participants and those who invest in the sport, and this will also include a review of key roles across the group.
“Our future success also requires us to work better together as an industry, and I will seek to drive greater engagement and collaboration through new industry focused forums, to ensure that we leverage the collective experience and ideas from across our sport.
“With my detailed knowledge of Victorian racing and its ecosystem, I am in a fortunate position where I can hit the ground running and with another Spring Racing Carnival just around the corner it’s an exciting time for all.”
Note: This article initially stated the selection panel took a split decision to the RV Board. The Straight has since learned that the final recommendation to the Board was unanimous from the panel.
