Frank Williams Steps Down as Chairman of F1 Team
Although the 68-year old announced that he's going to keep his team principal position within the team, several media started suggesting that this may be yet another step Williams is taking towards retirement. The first one was made prior to the 2010 season, when he sold part of his F1 team to Austrian investor Toto Wolff, his first such move since he founded the team back in 1966.
Nevertheless, Williams was quick in dismissing those allegations, insisting that his decision only comes as part of a well-thought succession plan at the helm of the company. Retirement is currently out of the question.
“I wish to emphasise that this is absolutely not notice of my impending retirement. I love Formula One, I have a strong involvement in the company and go to work every day. When I'm going to retire hasn't crossed my mind,” said Williams, who will continue to have the final say in the decisions made by Parr from now on.
In addition to this management change, Williams F1 will also likely extend their current deal with British engine manufacturer Cosworth, despite recent reports suggesting they are considering a switch to Renault. Cosworth's Mark Gallagher addressed the topic on Thursday, telling the media that discussions are under way for a 3-year deal with the Grove-based outfit.