Cameron Levick has resigned as Chief Executive Officer of V8 Supercars Australia, citing family matters and travel demands impacting on his young family as the reason behind his decision.

The Board of V8SA has accepted his decision and understands his position, with Levick continuing to work at V8 Supercars in an ongoing capacity for a period of time, finalising a number of current projects.

Tony Cochrane, Chairman of V8SA, thanked Mr Levick for his enthusiasm and energy since joining the company.

"We wish him well with his future and understand just how demanding this role can be on family life," he said.

Levick said he looked forward to more time with his family, having commenced some of the forward business planning of V8 Supercars Australia.

"V8 Supercars has a very strong team and positive future ahead, that I have no doubt," he said. "I am proud of what I have achieved with V8 Supercars and now look forward to the next step of my career."

In light of this news the Board of V8SA, at the scheduled June board meeting at Gold Coast headquarters yesterday, appointed Mr Cochrane as Executive Chairman. He will assume all CEO duties from now until the end of the current V8 Supercar Championship Series season.

During that period the Board will head up an executive hunt for a replacement CEO with a view to having that person on board for the commencement of the 2010 Championship year.

"Tony Cochrane is without doubt the ideal choice to assume this interim role given his expansive knowledge of the business and his experience as the Chairman of the sport from day one in January 1997," the Board said in a statement. "His leadership qualities are well proven and he will provide the necessary stability going forward."

Mr Cochrane said he looked forward to occupying the role.

"Our Championship has never been in better health with new and exciting events on the horizon, including the Dunlop Townsville 400 and the Sydney Telstra 500 being introduced this year," he said. "I very much look forward to moving into this role of Executive Chairman for the next six months."