Philip Freedman has been announced as the new chairman of the Horsemen's Group from January 1.
Freedman, an owner-breeder and former board member of the British Horseracing Board, replaces Paul Dixon on an initial three-year term; he is currently managing director of Cliveden Stud.
"I am delighted to be taking up the post of Horsemen's Group chairman and I am looking forward to working with the Horsemen's Group members with a very clear focus on improving prize-money at all levels," said Freedman.
"The re-introduction of Race Values under the Rules of Racing shows what can be achieved when racing's stakeholders are prepared to work sensibly together and I have made no secret of the fact that I believe that an approach based on collaboration and constructive dialogue with the rest of the industry will provide the basis for achieving contractual agreements that would guarantee that a fair share of the sport's revenue is allocated to prize-money.
"Such arrangements would represent a new dawn for the industry, allowing us to move on from the traditional state of acrimony to one in which all of racing's stakeholders come together with a view to maximising the value of our combined assets."
Julian Richmond-Watson, the Thoroughbred Breeders Association's member director on the Horsemen's Group Board, said: "Although Philip's appointment has not been as straightforward as we had anticipated, all of the members are delighted that he has agreed to take up this vital role at such a crucial time.
"We have now established a sustainable model for the Horsemen's Group, which means that the long term future of the organisation is much more secure.
"Philip will work very closely with the chief executives of the member organisations and we will all be focussing our combined efforts on achieving improved returns for all of our members."