TAB chairman Bill Quin will stand down at the end of his two-year term in February.
Racing and Gaming Minister Pam Beggs today said Mr Quin had informed her had decided not to offer himself for re-appointment.
"When Mr Quin was appointed chairman almost two years ago, the TAB was in turmoil with its performance plummeting and the organisation wracked by controversy," Mrs Beggs said.
"In the past two years, there has been a dramatic turnaround and Mr Quin leaves the position with performance and profits at record levels.
"In the first 21 weeks of this season, turnover was $198.68 million, up 8.19 per cent on the corresponding period last year and profits are up 18.5 per cent. As well, the TAB is well on the way to passing its previous record turnover of $479 million set in 1989-90."
Mrs Beggs said Mr Quin was given an extremely difficult task.
"When he took on the chairmanship, the TAB was reeling from the resignation of the previous chairman and general manager and the organisation's performance was dropping sharply for the first time in its 30-year history," she said.
"There were three inquiries into the organisation at the same time. These were by the Auditor General, the Commissioner of Police and the Public Service Commission.
"Mr Quin's task was to settle the organisation down and then with the new general manager, Merv Hill, introduce a range of changes to rebuild the TAB's performance.
"The substantial life in the TAB's turnover and profit, and the Government's racing tax initiatives, are being reflected in increased returns to the codes and a revival of confidence in the racing industry.
"I have every confidence that the changes made in the past two years will hold the TAB in good stead for many years to come."
Mr Quin said he could see no reason why the TAB should not continue to thrive.
There were still many changes and innovations to be introduced but the fundamental problems and deficiencies that were so damaging to the TAB two years ago had been corrected.
The major aim of the organisation in the next few years should be to improve the quality of its service to the public through improvements to outlets, new products and generally providing more efficient service.
Mr Quin said he had never intended his term to extend beyond two years.
"When the Minister and I looked at the task ahead of us in 1991, we agreed it would require up to two years to sort out the problems and get the TAB firmly established on a new growth pattern," he said.
"At the time, I gave the Minister a commitment that the TAB would be growing strongly within 18 months.
"That has been achieved and I feel I have met my commitment to the industry, the TAB and the Government.
"The job has been a very demanding one and I now wish to concentrate on my business pursuits."