Team principal Frank Williams signalled the end of an era on Friday with his decision to follow co-founder Patrick Head and step down from the board of the former Formula One world champions.
Williams and Head, who left the board at the end of December after selling more than half of his shares, founded the team in 1977 and went on to oversee 113 grand prix wins, nine constructors' titles and seven drivers' crowns.
"I turn 70 in April and I have decided to signal the next stage in the gradual but inevitable process of handing over the reins to the next generation by stepping down from the board at the end of this month," Williams said in a statement.
"This is not as dramatic a move as it may appear," he cautioned, however. "I shall continue to work full-time as team principal and I shall continue to attend all board meetings as observer."
Williams, whose daughter Claire will join the board on April 1 as newly-appointed director of marketing and communications, will also remain as the majority shareholder in Williams Grand Prix Holdings PLC.
"It is no secret that Claire is my daughter but I am proud to say that she has fought hard to earn this appointment and of all the battles she has had to fight, the prejudices of her father were not the least challenging," said Williams.
The British-based company has been listed since an initial public share offer in Frankfurt last March.
The team, who will be using Renault engines this season, last won a race in 2004. Their current drivers arePastor Maldonado and Bruno Senna.