Grove (United Kingdom): The Williams Formula One team Monday announced that its Chairman Adam Parr will leave the outfit by the end of the week.

Parr joined Williams as a chief executive officer in 2006 and was promoted as chairman during the 2010 season.

His replacement will be Nick Rose, ex-CFO of Diageo PLC and currently a non-executive director of WGPH and two FTSE100 companies.

Williams founder and team principal Frank Williams will continue to oversee the company with the support of non-executive director Toto Wolff and CEO Alex Burns.

Frank 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.

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

Talking about his experience of working with Williams, Parr said: "I am very grateful to Frank for giving me the opportunity to work for Williams. It is a unique team with over 500 great-hearted and talented people and many superb partners in and out of Formula One."

Williams have scored eight points after the first two races of the 2012 season.

Last year was one of the worst in their history as they finished ninth in the Constructors' Championship with five points. (IANS)