Wiliams will have the final say on all team decisions
By Andrew Benson
BBC Sport at Silverstone
Sir Frank Williams has handed over his role as chairman of his Formula 1 team to Adam Parr.
Williams, 68, remains as team principal and will have the final say on all decisions, but Parr will look after the day-to-day running of the company.
The move, announced on Thursday at the British Grand Prix, is a formalisation of the existing situation at Williams.
Parr has been acting as chairman since March but the change of roles had not been made public.
Patrick Head, Williams's long-time partner, will continue as director of engineering, taking charge of the technical side of the company.
Williams insisted that his decision to leave his role as chairman in no way meant he was to leave F1 completely.
"This is not notice of my impending retirement. Time is evolving. There are a few more years in me yet, and in Patrick, but it is better to do it early," Williams told BBC Sport.
He added: "I will continue to go to work every day. But it must be as apparent to you as it is to me that Adam is the right person to run this company.
"Adam has a very strong education and a good career in the management of British companies. We clearly hope the company has a very strong future.
"It's my job and Patrick's job to ensure Williams is a properly run company that will be successful in F1."
Parr added: "Frank remains the team principal and the name, the face and inspiration of the team."
The shareholdings at the team will not change - Williams will remain the majority shareholder, with Head and Austrian private equity investor Toto Wolff having minority shareholdings.
Williams have not made public the proportions of shares held by the three men since Wolff bought into the team in 2009.
Prior to that, Williams owned 65% of the shares and Head 35%. It is understood their holdings were reduced proportionally when Wolff became involved.
Parr, a former investment banker and a qualified barrister, will run the business.
That will mean taking on the team's business with partners and sponsors, and being their representative at meetings with the F1 teams' umbrella group Fota and Formula 1 Management, the company the runs the commercial side of F1.
Parr has been with Williams as chief executive officer since 2006. He has previously worked for Barclays Investment Bank and Rio Tinto, one of the world's leading mining companies.
Williams also confirmed that the team would continue with Cosworth engines next year although he admitted their long-term goal was to forge another partnership with an engine manufacturer, of the type they successfully enjoyed with Honda and Renault.
Significantly Williams did not rule out selling the team to an investor at some point in the future, but said they were "not actively looking".