Williams without Frank Williams just wouldn't be Williams, but the elderly, wheelchair-bound founder of the eponymous Formula One team knows he can't be running things forever. That's where Adam Parr came in, but now he's on his way out.

Parr joined Williams back in 2006 as chief executive officer, was subsequently promoted to chairman in 2010, and was seen by many – including Sir Frank himself – as a potential successor to take over the team when the founder was ready to retire. Under his direction, Parr oversaw a comprehensive restructuring of the team's technical staff, a new engine supply deal with Renault, the team's emergence as a hybrid powertrain consultant outside the sport, and the company's IPO.

However, Williams has officially announced that Parr is stepping down and leaving the company. In his place will be appointed Nick Rose, a board member of Williams Grand Prix Holdings and a former CFO of liquor giant Diageo. No word on where Parr will be headed next – the statement after the jump alludes only to his desire to find "a better balance in his life" – or the real reason behind his departure, but it looks like Sir Frank will have to find a new successor.
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Adam Parr to Leave Williams Grand Prix Holdings

Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced that its Chairman Adam Parr has resigned from the Company. Adam will leave Williams on Friday 30 March 2012.

Nick Rose, ex-CFO of Diageo PLC and currently a Non-Executive Director of WGPH and two FTSE100 companies, has been appointed Non-Executive Chairman. Majority and controlling shareholder Frank Williams will continue to oversee the Company with the support of shareholder and Non-Executive Director Toto Wolff, Chief Executive Officer Alex Burns and the rest of the Board.

Founder and Team Principal, Frank Williams said, "I asked Adam to join Williams at the end of 2006 to support me in the running of our team. 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."

Adam Parr said, "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 One. Williams is now set up to move forward and I wish everyone at Grove well."

Nick Rose, Chairman, said, "I would like to thank the Board for nominating me as Non-Executive Chairman of Williams. When I joined the Company, my single purpose was to help restore the team to its former glory. 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."

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