Sir Frank Williams stepped down from the board of the Formula One team which bears his name on Friday, but will stay in charge of the running of the outfit he founded in 1977.
Williams, whose daughter Claire will join the board instead, said that with his 70th birthday approaching, it was time to make the change.
"This is an opportune moment for me to consider my own role in the team. 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," he said in statement.
"This is not as dramatic a move as it may appear. I shall continue to work full-time as team principal and I shall continue to attend all board meetings as observer. I also remain the majority shareholder of Williams Grand Prix Holdings PLC."