In a surprise move, Williams has announced that Adam Parr has resigned and is to leave the company at the end of the month.

Nick Rose, ex-CFO of Diageo PLC and currently a Non-Executive Director of Williams Grand Prix Holdings and two FTSE100 companies, has been appointed Non-Executive Chairman. Majority and controlling shareholder Frank Williams will continue to oversee the Company with the support of shareholder and Non-Executive Director Toto Wolff, Chief Executive Officer Alex Burns and the rest of the Board.

Founder and Team Principal, Frank 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 IPO. 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."

"I am very grateful to Frank for giving me the opportunity to work for Williams over the past five years," said Parr, "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."

Nick Rose, Chairman, said, "I would like to thank the Board for nominating me as Non-Executive Chairman of Williams. When I joined the Company, my single purpose was to help restore the team to its former glory. Frank and the Board believe that I can best do this as Chairman and I gladly accept this responsibility. A lot of good work has been done to get us to this point but we must continue to work hard if we are to achieve our objectives."