F1 Williams Chairman In Shock Resignation

By iSportconnect | March 27, 2012

Williams have confirmed that Chariman Adam Parr has resigned, and will leave his post at the end of the week. Team principal Sir Frank Williams said Parr was “seeking a better balance in his life”.

 

Parr joined the team as chief executive officer in 2006 and was promoted to his current role four years later.

 

In a surprising turn of events, Williams, who saw Sir Frank Williams resign from the board last month, now have to contend with his ‘protégé’ Parr stepping down this week.

 

Williams, who turns 70 this year, said his decision to resign from the board was “the next stage in the gradual but inevitable process of handing over the reins”.

 

It has not yet been decided who will replace Parr as chairman, but news of his resignation is sure to mean a serious reshuffle in the boardroom.

 

In the meantime, Williams, who remains the majority and controlling shareholder, will assume a more active role in running the team. Williams will be assisted by minority shareholder and non-executive director Toto Wolff, an Austrian businessman, and chief executive officer Alex Burns.

 

Williams said: “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 (launch on the Frankfurt stock market). 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.”