The Lottery Corporation (TLC) will begin the search for a new chairman after Steven Gregg confirmed he will step down from the role.

Gregg has been appointed chairman-designate of Westpac Banking Corporation (WBC). As a result, he has announced that he will be retiring from TLC within the next six months.

TLC said Gregg will leave the company no later than the end of the first quarter of 2024. He will assist in the transition to the new chairman over the next six months.

“TLC is a wonderful company,” Gregg said. “It has been a privilege to be part of its development and its recent listing as one of the top 50 companies on the ASX. While I regret that I will be stepping down from my roles at TLC in due course, I am confident that the company is in a strong position.

“The company is well placed to continue its journey under the able leadership of Sue van der Merwe and her executive team and is supported by an experienced and high-caliber Board of Directors.”

The Lottery Corporation emerges from the Tabcorp spin-off

TLC was formed following the spin-off of Tabcorp’s lottery business from its betting, media and gaming services in June 2022.

Tabcorp announced plans to spin off its lottery and keno divisions in July 2021 following a strategic review of its operations. The review began four months earlier and considered a range of structure and ownership options for Tabcorp.

At the time, Tabcorp said a number of unsolicited proposals had been made to the department. These included offers from Entain, Betmakers and Apollo Global, but Tabcorp said none represented the true value of the division.

Tabcorp decided to keep its betting division and instead decided to spin off the lottery business. This led to the creation of two separate companies.

A company was renamed The Lottery Corporation (TLC), incorporating most of the former Tatts business but excluding gambling services. The second was called New Tabcorp and includes betting and media divisions in addition to gaming services.