John Harden has been appointed as the new chairman of the Australian Grand Prix Corporation.

Harden will take over from Ron Walker, who confirmed he was retiring after more than 20 years in the role last March.

Harden joined the AGPC board in 2006 and has served as Walker's deputy since 2007. He also served as chief executive of the ICC Cricket World Cup this year - an event worth $150 million to Victoria's economy - and was CEO of 2006 Melbourne Commonwealth Games.

"This appointment is a great honour and I am excited by the opportunity to be able to build upon the success that Ron and the team have achieved," said Harden. "I have been fortunate to have been involved in many global events. I passionately believe that Melbourne is the sporting capital of the world and want to ensure that Melbourne remains in pole position."

"I [also] 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," Harden continued.

"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."

Meanwhile, Daniel Andrews, Premier of Victoria, who confirmed Harden's appointment, added: "John Harnden has a history of helping to deliver some of the biggest and best sporting events our state has seen. His leadership and expertise will be invaluable.

"Ron Walker has ensured the Formula 1 Australian Grand Prix is amongst the most successful events in the sporting world.

"He'll be missed as chair, and his contribution to Victoria won't be forgotten."