Derrick Walker will stand down from his position as IndyCar’s president of Competition and Operations after serving in the role for the last three seasons.

A former long time team owner, Walker is believed to be pursuing ‘other professional opportunities’ with his departure set to come into effect following the 2015 series finale at Sonoma at the end of August.

During his tenure Walker saw several key changes including the complementation of the new-for-2015 aero body kits for Chevrolet and Honda.

Together with introducing technology changes in America’s premier open-wheel formula, Walker assisted in a safety focus on IndyCar construction as well as helping with new events such as the Indianapolis road course race ahead of the 500 and securing Boston as a new event for 2016.

“I have appreciated the opportunity to work closely with the team owners, drivers and the team at IndyCar,” Walker said.

“After two and a half racing seasons, I believe the timing is right to move on to other opportunities.”

IndyCar chief executive Mark Miles said Walker holds a great passion for the series and he will be sorely missed.

“We have benefited from Derrick’s extensive racing experience, his tireless effort and his passion for IndyCar, and he will be missed,” Miles said.

“We appreciate the thoughtful way Derrick has planned his transition and wish him well in his future endeavours.”

Walker formed a partnership with Australians Craig Gore and John Fish to form Team Australia in the middle of last decade.

He realised his first win as a team owner since 1999 when Will Power won the Las Vegas race in 2007.