Mike O'Driscoll, Chief Executive Officer at Williams Grand Prix Engineering, has today announced his intention to retire.

The recent sale of Williams Grand Prix Engineering to Dorilton Capital marked the successful conclusion of the strategic review announced earlier this year and secures the long-term future of the Williams F1 team. It followed the agreement of the new Formula One Concorde that provides a solid foundation for the future of the sport, especially independent constructors such as Williams.

O'Driscoll, 64, will support the smooth transition of ownership through this year and ensure that the team is well positioned to build for the future.

"It has been and remains a huge privilege to be part of this great team," he said. "I am proud to have played my part in securing the long-term future of Williams and look forward to working closely with Matthew and his team, to ensure a smooth transition and the best possible trajectory for the team's future success."

"Mike has made a huge contribution as CEO," added Matthew Savage, Chairman of Dorilton Capital and Williams Grand Prix Engineering, "working alongside the Williams family since the IPO in 2011.

"He has steered the corporate side of the group admirably through challenging times and has been invaluable in preparing Williams for the next exciting phase."

The announcement comes two days after the Williams family formally ended their relationship with the company.