Frank Williams not retiring

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.