At&T Williams F1 Team has announced that Sir Frank Williams has stepped down as team's chairman in favor of Adam Parr, Williams CEO since 2006, after managing his team in a full time basis since its foundation at 1970.The 68-year-old Frank Williams will remain in the team as team principal and, as the majority shareholder, will still have the final say over any major decisions. However, the day-to-day running of the team, which Williams has gradually stood back from in recent years, will now be given over officially to Parr.
BBC Sport reports that Parr had actually been the acting chairman since March but the change in roles had not been made public. Patrick Head, the second biggest shareholder in the company, will continue to look after the technical side of the team in his role as director of engineering.
Despite strong rumors that Frank Williams has been actually tired by the daily fight for survival among the wealthy F1 teams, missing the old good days when his team was dominating F1, Williams insists that he is not thinking to retire. But some F1 insiders believes that there is a clear indication that Williams nearly half-century involvement in Formula One is nearing an end. A headline in Spain's El Pais newspaper reported that Williams, who recently sold some of the Grove based team to Austrian investor Toto Wolff, had "begun his retirement." But the Briton told reporters that, with his long-time business partner Patrick Head also in his advancing sixties, the move is simply another prudent step in a succession plan.
"I wish to emphasise that this is absolutely not notice of my impending retirement. I love Formula One, 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 is a qualified barrister with a background in banking.
