The top ranking executive at the Ontario Lottery and Gaming Corporation is leaving.

OLG president and chief executive officer Rod Phillips has resigned to take a position in the private sector.

The outgoing OLG executive says that the details of his new position will be announced in February.

In a statement, Phillips said it had been a "tremendous privilege" to work for the OLG.

"I am confident that OLG is well-positioned to modernize the lottery and gaming industry and to achieve great success in the years to come," he said in a statement.

Philip Olsson, the chair of the OLG’s board of directors, said that Phillips had helped the company launch a modernization process that continues today.

"Under his watch OLG has achieved its highest level of public confidence," Olsson said in a statement. "We wish him well in his new position."

Philips came to OLG less than three years ago, after leaving an executive position with Shepell-FGI, a company that provides employee-assistance services and programs.

According to Ontario’s so-called Sunshine List, Phillips was paid $672,989.93 for his work at OLG in 2012.

Tom Marinelli becomes the acting chief executive officer and president of the OLG.