The Crown corporation responsible for gambling hired Michael Graydon for the job in March 2008.
About a year and a half earlier, it terminated its CEO after an Ombudsman's report concluded the corporation was at risk for potential retailer fraud.
Board of directors chairman, Bud Smith says under Graydon's leadership the corporation has increased its revenue by $235 million and significantly expanded its social responsibility programs.
The board has hired Jim Lightbody, the corporation's vice-president of casino and community gaming, as the interim president and CEO, and he will assume the position immediately.
Finance Minister Michael de Jong says he learned about Graydon's resignation Wednesday night.
"It's a loss for us, for the B.C. Lottery Corporation," says de Jong. "He's done a very good job."
The minister says Graydon was able to expand the corporation's reach to gambling in British Columbia.
"He has not ever lost sight of the role that the corporation plays in promoting responsible gaming."
(The Canadian Press CHNL)
Note to readers: This is a corrected story. A previous version that moved Thursday said Michael Graydon had accepted job in the public sector