The former Red Bull Racing star has been named as one of two new additions to the AGPC board, alongside Saltwater Hotels general manager Kimberly Brown.

“The Australian Grand Prix Corporation plays a huge role in driving our visitor economy and bringing visitors to our state,” said Victoria's Minister for Tourism and Major Events John Eren MP.

“Mark Webber and Kimberley Brown, both leaders in their respective fields, will undoubtedly add another dimension to the board and ensure our events continue to go from strength to strength.”

The appointment of Webber and Brown comes as Alan Oxley brings his 15-year stint on the board to an end.

Board Chairman John Harnden thanked Oxley for his contribution to both the Formula 1 and MotoGP events overseen by the AGPC, and welcomed the new additions.

“Alan has made a remarkable contribution, playing an integral role in the success we have achieved. We are sincerely grateful to Alan for his dedication and unwavering support,” Harnden said.

“Both Mark Webber and Kimberley Brown are outstanding individuals and will bring fresh perspectives to the board."

Webber becomes the second retired racer to join the board, the other being five-time 500cc champion Mick Doohan.