Williams steps down as team chairman

Williams confirmed on Thursday that Parr, who joined the team in 2006, has taken over as chairman of Williams Grand Prix Engineering Limited, with Alex Burns, formerly chief operating officer, taking up the position of CEO.

Williams, 68, stressed that he has no plans to retire and will remains committed to the team on a full-time basis.

"I wish to emphasise very strongly that this is absolutely not my notice of impending retirement," he told reporters at Silverstone.

"I love Formula 1, I have a strong involvement in the company and go to work every day. When I'm going to retire hasn't crossed my mind."

Parr, who has played a key role in the development of the team over the past four years, added that Williams will remain a crucial part of the team.

"I am taking over the responsibility for the overall running of the company and the team within that, but Frank remains team principal and therefore remains the name, face and inspiration of the team.

"It's an enormous responsibility because Williams is a great company. Frank has been competing in F1 since 1969 and Williams Grand Prix Engineering Ltd since 1977 and the goal is to be doing that for decades to come.

"Part of the good order of company is to have a succession plan in place and Frank has made it clear what it is. I am very honoured to be part of it."

Williams emphasised that there will be no change either to the shareholding structure of the team, or to the technical department. Co-owner Patrick Head remains as director of engineering, with Sam Michael as technical director.

He also pointed to Parr as representing the long-term future of the team, although the new Williams chairman ruled out ever taking up the position of team principal.

"He is most definitely the right man to carry the company forward when I eventually do leave the company," said Williams.