Monday 26 March at 10:35 : Mar.26 (GMM) Williams chairman Adam Parr is leaving the famous British team.

The Oxfordshire based outfit announced on Monday that he has resigned and will step down on Friday.

A media statement said Sir Frank Williams "will continue to oversee the company with the support of" fellow shareholder Toto Wolff, chief executive Alex Burns and new chairman Nick Rose.

Parr joined Williams five years ago.

"Adam leaves us on good terms to pursue a better balance in his life for which I wish him and his family well," said Williams.

The news is a big surprise, given 69-year-old Williams' recent comments that he sees Parr as his natural successor.

However, it was rumoured in Malaysia at the weekend that Parr was a sticking point in the team's so far unsuccessful negotiations for the 2013 Concorde Agreement.