Williams has made the surprise announcement that chairman Adam Parr will leave them on Friday.
Parr was appointed chairman of the team in 2010. Last month team founder Frank Williams described Parr as his “natural successor”.
Announcing the news, Williams said: “I asked Adam to join Williams at the end of 2006 to support me in the running of our team.
“Over five years, Adam’s achievements have surpassed my expectations and I must thank him for his service. Not least for the decisive role he played in the technical changes made last year which are beginning to show through in the team’s improved competitiveness this season, and for leading this company to a successful [initial public offering].
“Adam leaves us on good terms to pursue a better balance in his life for which I wish him and his family well. He has left us in good shape and I have every confidence that the Board and senior management team at Williams will continue to drive the business forward into a promising future.”
Parr said: “I am very grateful to Frank for giving me the opportunity to work for Williams over the past five years – a period that has been both challenging and rewarding.
“Williams is a unique team with over 500 great-hearted and talented people and many superb partners in and out of Formula One. Williams is now set up to move forward and I wish everyone at Grove well.”
Former Diageo CFO Nick Rose has been appointed non-executive chairman of the company.
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Image © Williams/LAT