It comes following the resignation of two committee members at Thoroughbred Park, with Dan Carton and Lauren Bywaters both standing down at the start of May.

Clark has been in the role since the end of 2018, when he took over from long-time boss Peter Stubbs.

The Canberra Racing committee notified members of their decision in an email on Thursday.

Clark declined to comment when contacted by The Canberra Times, but it's believed he's currently on extended sick leave.

Canberra Racing have appointed chief financial officer Matt Kolek as acting chief executive, while also offering Clark a different role within the organisation.

The club's in the middle of their massive Thoroughbred Park redevelopment and the committee decided they wanted someone else at the helm.

It's believed the committee has been sounding out potential candidates for several months.

"This major capital project and broader strategic positioning of the club will require enhanced management of the stakeholder landscape, engagement with the ACT community, the racing industry, development participants and other key parties," the email said.

"Given the challenging transformational nature of this project and the other complex issues that the club must manage, the committee has decided to restructure and realign the senior executive leadership of the organisation.

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"As a result, the committee is currently in the process of engaging a recruitment firm to undertake a targeted search program for a new chief executive officer to guide the club through this project and managing other key strategic and stakeholder issues.

"Recognising Andrew Clark's excellent knowledge and experience at the club and dedication to Canberra racing, the committee is in active discussions with Andrew regarding his ongoing role.

"We thank Andrew for his significant contribution to the club to date."