Williams CEO Adam Parr is leaving the team, it was announced early on Monday morning. He is to be replaced by Nick Rose, former CEO of alcohol beverage company Diageo. The departure comes as a large surprise to a number of Formula 1 insiders, as Parr was expected to be the successor of Sir Frank Williams.
Having been described by Williams himself as a ‘natural’ heir, Parr departs after being with the company for just over five years. His feats including the recruitment of Mike Coughlan as Technical Director and steering Williams into its current position on the Frankfurt Stock Exchange.
“I asked Adam to join Williams at the end of 2006 to support me in the running of our team,” Team Principal and founder Williams comments in a statement. “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.”
“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,” Parr adds. “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, who is currently a Non-Executive Director of parent company Williams Grand Prix Holdings, will now take up the title of Non-Executive Chairman.
“I would like to thank the Board for nominating me as Non-Executive Chairman of Williams,” he says. “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.”
Williams first competed in F1 in 1975. Last year, Patrick Head (co-founder alongside Frank Williams) stepped down from his role as Director of Engineering.
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