The AGPC announced on Thursday that Westacott will not seek another term as CEO when his current agreement ends on June 30 next year.
That will bring an end to a stint with the AGPC that started in the General Manager – Operations role back in 2006.
Westacott was then promoted to the top job in February 2011 and will leave as the longest-serving CEO, having delivered 15 Australian F1 Grands Prix and 15 Australian Motorcycle Grands Prix.
He has also overseen a number of contract extensions, including a new deal signed earlier this year that locked the Albert Park event in until 2035.
Another two years have now been added to that contract, with the Victorian government announcing today the event is now secure until 2037.
Westacott was also pivotal in the recent redesign of the Albert Park layout and the first resurfacing work since the AGP moved from Adelaide to Melbourne in the mid-1990s.
"It's been a source of immense pride to be able to work for the Australian Grand Prix Corporation for so many years and to work so closely with the wonderful AGPC team and all those involved in our major events industry, including those at Formula 1 and MotoGP," said Westacott.
"Thirty events, a few cancellations along the way and record-breaking crowds in 2022 have all provided special moments.
"The contrasting years between the start of COVID in 2020 and the way in which we opened Melbourne to the sporting world in 2022 both produced massive memories that I'll remember forever."
AGPC chairman Paul Little thanked Westacott for his contribution.
"Andrew has led AGPC through a transformative period and is to be commended on his outstanding contribution to motorsport and tourism in Victoria," said Little.
"He leaves AGPC positioned for continued global success and I wish him all the very best in his future endeavours."
Victoria's Minister for Tourism, Sport and Major Events, Steve Dimopoulos added: "On behalf of the Victorian Government, I congratulate Andrew on leading AGPC and their two international events, both of which have brought considerable value to Victoria for decades. I wish Andrew all the very best for the future."
The AGPC will announce Westacott's successor in due course.
