Williams have announced that chairman Adam Parr has resigned and will step down this Friday after five years with the team.
A media statement said Sir Frank Williams “will continue to oversee the company with the support of” fellow shareholder Toto Wolff, chief executive Alex Burns and new chairman Nick Rose.
“Adam leaves us on good terms to pursue a better balance in his life for which I wish him and his family well,” said Williams.
The news is a big surprise, given 69-year-old Williams’ recent comments that he sees Parr as his natural successor. However, it was rumoured in Malaysia at the weekend that Parr was a sticking point in the team’s so far unsuccessful negotiations for the 2013 Concorde Agreement.