Ogden Phipps will stand down as chairman of The Jockey Club after a record 32 years at the head of the US racing institution.

Phipps announced on June 8 that he will resign as chairman effective on August 8.

The Jockey Club's board of stewards will meet that day, following the annual meeting of the membership.

A nominating committee consisting three members of The Jockey Club will recommend candidates to succeed Phipps as chairman.

Phipps, 74, a prominent owner and breeder, was elected to the membership in The Jockey Club in 1965 and became chairman on February 10, 1983.

His tenure as chairman is the longest in the history of the historic organization created in 1894.

"The Jockey Club has undergone many changes over the past 30 years and we have built a solid foundation that will help grow and sustain thoroughbred breeding and racing in the years ahead," Phipps said.

"Due to some ongoing health issues, I feel like this is a good time to pass the baton and I want to express my gratitude to the members and the employees of The Jockey Club for their dedication to this sport over the past three decades."

Under Phipps's leadership, the organization has earned widespread recognition as an industry leader in the areas of medication reform, equine welfare, data collection and dissemination, technology and marketing of the sport.