Frank Williams has announced that he has stood down as his team's chairman, handing over the role to chief executive office Adam Parr.

In fact, Williams admits that he actually handed over the role in March, but has only now chosen to announce in officially.

"This is not notice of my impending retirement," he told BBC Sport. "Time is evolving. There are a few more years in me yet, and in Patrick, but it is better to do it early.

"I will continue to go to work every day," he continued. "But it must be as apparent to you as it is to me that Adam is the right person to run this company. He 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."

"Frank remains the team principal and the name, the face and inspiration of the team," said Parr, a former investment banker and a qualified barrister, and who is seen by some - especially himself - as one of the rising stars in F1. Indeed, there are some who see the Englishman, who joined Williams in 2006, as a possible successor to Bernie Ecclestone.

Parr's role as chief executive officer will be taken over by Alex Burns who is currently the Grove outfit's chief operating officer.

For many however, Frank Williams move, though expected for some time, marks the end of an era.