Jul.9 (GMM) Sir Frank Williams insists he is not retiring.

The 68-year-old's British team announced at Silverstone that former chief executive Adam Parr is taking over as chairman from founder, boss and co-owner Williams.

Williams remains the team principal, but some figures saw Wednesday's announcement as an indication that his nearly half-century involvement in formula one is nearing an end.

A headline in Spain's El Pais newspaper said Williams, who recently sold some of the Grove based team to Austrian investor Toto Wolff, had 'begun his retirement'.

But the Briton told reporters that, with his long-time business partner Patrick Head also in his advancing sixties, the move is simply another prudent step in a succession plan.

"I wish to emphasise that this is absolutely not notice of my impending retirement," said Williams, who became confined to a wheelchair after a road crash in 1986.

"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," he added.

Latest F1 News - Mobile version

26 Feb: New Ferrari not quickest in field - Domenicali 26 Feb: Red Bull still best in 2013 - Tost 26 Feb: 2014 French grand prix 'possible' - Prost 26 Feb: Danica Patrick 'not interested' in F1 switch 26 Feb: Report - Gilles Simon working on F1 engine for Honda 26 Feb: Gutierrez plays down link to Carlos Slim 26 Feb: Caterham exhaust 'legal' insists van der Garde 26 Feb: McLaren replaces Mercedes-bound Lowe 25 Feb: 'Engine maps' trouble for Red Bull, Lotus - report 25 Feb: Mercedes-bound Lowe to miss 2013 opener - report 25 Feb: Mercedes 'in group of teams' behind Red Bull - Lauda 25 Feb: Gutierrez expects Hulkenberg to beat him early in 2013 25 Feb: New Ferrari 'much better' than 2012 - Massa 25 Feb: Teams 'will adapt' to new tyre situation - Gutierrez 25 Feb: Tight rules make today's F1 cars 'the same' - Forghieri 25 Feb: Williams removes controversial exhaust trick 25 Feb: Contract 'conflicts' cause of Marussia test snub - Razia 25 Feb: Lotus to fight Red Bull for title - Gutierrez 25 Feb: Marussia 'ahead of Caterham' - Chilton 25 Feb: Sutil will not stay in F1 as test driver The latest F1 News - Mobile Version