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John Harnden has been appointed as the new chairman of the Australian Grand Prix Corporation, succeeding Ron Walker who spent 23 years in the role.

The AGPC is responsible for staging the annual Formula 1 Australian Grand Prix at Albert Park and the Australian Motorcycle Grand Prix at Phillip Island.

Harnden, who joined the AGPC board in 2006 before becoming deputy chairman a year later, has held a number of high-profile CEO roles, notably of the 2006 Melbourne Commonwealth Games Corporation, the South Australian Cricket Association and the 2015 ICC Cricket World Cup Organising Committee.

In taking over from the retiring Walker, Harnden said: "This appointment is a great honour and I am excited by the opportunity to be able to build upon the success Ron and the team have achieved.

"I wish to congratulate Ron for his vision and leadership over 23 years to make the Formula 1 Australian Grand Prix and the Australian Motorcycle Grand Prix two of the most iconic sporting events in Australia.

"His contribution to events in Victoria, and motorsport in particular, is unparalleled.

"His enthusiasm and relentless energy has been instrumental in showcasing Melbourne and regional Victoria to the world. It has been a privilege to work alongside him.

"The Formula 1 Australian Grand Prix and Australian Motorcycle Grand Prix have entertained fans over the past two decades.

"I look forward to working with everyone to ensure these great events continue to not only showcase and benefit the state of Victoria, but also provide unforgettable experiences for the fans."