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Adam Parr quits as Williams chairman
Adam Parr has resigned as chairman of Williams and will stand down at the end of the month. He will be replaced by Nick Rose.
Parr was recruited by Frank Williams in 2006 and was seen by many to be Williams' choice as his long-term successor. He was promoted to chairman in 2010.
"I asked Adam to join Williams at the end of 2006 to support me in the running of our team," said Williams. "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."
Parr issued a short statement. "I am very grateful to Frank for giving me the opportunity to work for Williams over the past five years, 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 1. Williams is now set up to move forward and I wish everyone at Grove well."
Rose was previously chief financial officer of Diageo and until today's appointment was a non-executive director of the Williams team. "When I joined the company, my single purpose was to help restore the team to its former glory," he said. "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."