Williams has announced its CEO Alex Burns is leaving the team with immediate effect and will be replaced by Mike O'Driscoll.
Burns had taken the position in 2010, when Frank Williams handed day-to-day control of the squad to former chief operating officer Adam Parr.
O'Driscoll, a former managing director of Jaguar Cars, has been appointed Group CEO - a newly-created role - "to guide the long-term future" of the team.
The new role means the F1 Team and Williams Advanced Engineering will be united under one management structure.
O'Driscoll will lead the executive committee and will report to Frank Williams and the board.
"Mike has been a valued member of our Board since 2011 as a Non-Executive Director and I am delighted that his day to day involvement in the company is to significantly increase," said Williams.
"This new role strengthens the company and will help us achieve our goals both on the race track and in diversification.
"Mike brings with him significant skills and a wealth of experience. Working with Claire, I am in no doubt that the future of Williams is in safe hands."
O'Driscoll added: "I am honoured that the Board has entrusted me with the position of Group CEO.
"I have been proud to serve as a non-executive director since 2011 and in my new role, I am very much looking forward to helping Sir Frank and Claire achieve the ambitious goals we have set ourselves."