Wolff has sold the remaining five percent he had in the company to American healthcare executive Brad Hollinger.

Wolff had already sold 10 percent of his shares to Hollinger over the past two years.

"I am surprised how emotional I am about this day, to be cutting my final business ties to Sir Frank and to the team at Williams," said Wolff.

"I am proud to have joined the sport with a team of true passionate racers, where we had to make spot-on decisions for the future of the business and its employees; I learned some lessons the hard way, but they were all valuable for understanding the industry.

"Today, I look back with pride on the first ever IPO of an F1 team in Frankfurt, and can see the next generation of the Williams family leading the team into a bright future.

"The plan to sell my stake was a long-term one agreed with Daimler in 2013 – but it was always important to find the right investor, who was doing it for the right reasons.

"Brad is that guy: he's a serious businessman with the right long-term perspective about Williams and Formula One – and a true passion for racing. I wish him and everybody at Williams all the best for the future.

"I will always remember this period with thanks for the lessons I learned from Sir Frank and his team – it was a great privilege to be part of the Williams story."

The moves means Hollinger is now the second largest stakeholder in the team behind founder Frank Williams, who owns a 52 percent stake.

Co-founder Patrick Head was level with Hollinger on 10 percent prior to Wolff's divestment.

"Toto has become a great friend of Williams over the past few years and we thank him for his contribution in what has been a time of great transformation for our company since he first invested in 2009," said Williams.

"Given his role at Mercedes-Benz, a full divestment in Toto's shareholding became inevitable and we thank him for this judiciousness in only selling to a suitable buyer when the time was right.

"In Brad Hollinger, Toto has sold his full shareholding to a highly successful businessman with an immense passion for Formula One and our team – he is a great asset."