The administrator has sat on the board for 18 years and served two terms as chair. Ian Mackay is also standing down after five years on the board.

The duo will be replaced at the next annual general meeting in October, with Thoroughbred Park seeking expressions of interest.

The changes come amid a period of upheaval for the Canberra racing industry.

Funding from the ACT government is under threat, with the Greens opposed to extending the memorandum of understanding that will deliver $40 million over the next five years.

A number of trainers have also left the territory in recent months, citing unsustainable insurance costs and deteriorating facilities for the decision. It's a group that includes Matthew Dale, Luke Pepper and Joe Ible.

Thoroughbred Park is also in the process of hiring a chief executive, with a new leader expected to be confirmed in the near future.

In announcing his departure, Olive said it's time to focus on other areas of his life.

"I am starting a new job in October and whilst my passion for Canberra racing remains, being on the committee particularly as chairperson requires a major time commitment and for the next little while I need to focus my time and energy on succeeding in my new job and supporting my young family," Olive said.

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