01/22/2014 14:53 EST | Updated 03/24/2014 05:59 EDT

Rod Phillips leaving OLG to take job in private sector

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.