Bob Scarborough has relinquished his position as chairman of the Moonee Valley Racing Club.

Scarborough, who joined the MVRC committee 15 years ago and became chairman in 2007, stood down at the club's annual general meeting on Saturday.

"I have thoroughly enjoyed my time as chairman of the Moonee Valley Racing Club during a period that has seen substantial change," Scarborough said.

"I believe that the changes will result in financial security for the club and create a more exciting and enjoyable club for members."

Scarborough oversaw a revamp of Friday night racing at Moonee Valley that has led to prize money increasing from $4 million to $10 million.

He was also a driving force behind the two-day October carnival that incorporates the Manikato Stakes on the Friday night and the club's premier race, the Cox Plate, the following day.

Don Casboult, who joined the committee in 2005, takes over as chairman.