Churchill Downs Inc. announced late Monday that, as expected, William S. Farish has resigned as chairman of the company to be the United States ambassador to Great Britain and Northern Ireland. President George W. Bush nominated Farish to the position in March.Farish, who joined CDI's board of directors in 1985, succeeded the late Warner L. Jones Jr. as chairman in June of 1992. During his tenure, Churchill Downs implemented a business strategy that has resulted in its recent expansion and the establishment of the Churchill Downs Simulcast Network. Under his leadership, Churchill Downs' net earnings have doubled, and its net revenues have increased six-fold since 1992.Farish is owner and operator of Lane's End Farm near Versailles, Ky. A Thoroughbred owner and breeder, Farish has twice won the Eclipse Award as the nation's leading breeder, in 1992 and 1999."We benefited by his leadership, and we regret losing him as our chairman," Thomas Meeker, president and CEO of Churchill Downs, said in a prepared statement. "The directors, management, and employees of CDI are very proud that President Bush selected him the U.S. ambassador to the United Kingdom."Churchill Downs' board of directors will conduct a private teleconference tomorrow for the purpose of electing a new chairman.Following the board's teleconference, Churchill Downs will issue a news release at approximately 10:30 a.m. announcing the board's choice.