The Williams team has announced Frank Williams is to step down from the board, with his daughter Claire joining from next month.
Williams made it clear, however, that he will continue to be team principal for the squad that bears his name.
But he said it is time for him to start the process of handing over the reins of the team since he will turn 70 next month.
"This is an opportune moment for me to consider my own role in the team," he said. "I turn 70 in April and I have decided to signal the next stage in the gradual but inevitable process of handing over the reins to the next generation by stepping down from the Board at the end of this month.
"This is not as dramatic a move as it may appear: I shall continue to work full-time as Team Principal and I shall continue to attend all Board meetings as observer. I also remain the majority shareholder of Williams Grand Prix Holdings PLC."
Williams co-founder Patrick Head left the board at the end of last year.
The team also announced that Claire Williams will join its board from 1 April as director of marketing and communications.
The position became available following the decision of Dominic Reilly to leave the company at the end of March.
"It is no secret that Claire is my daughter but I am proud to say that she has fought hard to earn this appointment and of all the battles she has had to fight, the prejudices of her father were not the least challenging," said Frank Williams.
"Dominic Reilly has proven a unique talent in the field of sports marketing and filling the gap he leaves was daunting. But I have come to the view that Claire, with her profound love and knowledge of the sport and the team, can do so and I am proud and delighted that the Board has given her this opportunity."
Williams chairman Adam Parr added: "Claire has worked at Williams for 10 years, taking on increasingly demanding positions and demonstrating throughout all of the qualities needed in this critical role. The Board concluded that Claire's appointment would further strengthen its quality, diversity and effectiveness."
Frank Williams said last week that he saw Parr as his natural successor.
Autosport has produced a standalone special magazine to celebrate our 70th birthday. All current print subscribers will receive a copy for free. To order your copy of the 196-page Autosport 70th Anniversary issue, please go to: autosport.com/autosport70th