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The Williams team has announced that chairman Adam Parr will leave the outfit at the end of this week.

Parr, who was seen by team founder Frank Williams as his natural successor, had joined the British outfit in 2006 as chief executive officer.

He was promoted to chairman during the 2010 season. On Monday morning, however, Williams announced that Parr will leave the team on March 30.

He will be replaced by Nick Rose, ex-CFO of Diageo and currently a Non-Executive Director of WGPH, who will act as non-executive chairman.

Frank Williams will continue to oversee the company.

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

The team did not specify what Parr's next plans were.

Parr added: "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."