Williams announced on Thursday that they are extending their engine deal with Cosworth for the 2011 Formula One season.
Parr also steps up as chairman in management reshuffle
Williams announced on Thursday that they are extending their engine deal with Cosworth for the 2011 Formula One season.
Speaking at Silverstone ahead of this weekend's British Grand Prix, team founder and co-owner Sir Frank Williams also said he had handed over the role of chairman to Adam Parr.
Williams did, however, stress that he would remain at the helm of the nine times world constructors' champions as they seek their first race win since 2004.
"We are with Cosworth and very happy to confirm that will continue next season," Williams said.
"This is absolutely not my notice of impending retirement," he added. "I love Formula One, have a strong involvement in the company still, go to work every day."
Parr had previously served as chief executive officer for the Grove-based team. That position will now go to Alex Burns.
"It is both a great honour and a big responsibility to take over Frank's role as chairman," Parr said.
"Frank remains our controlling shareholder and team principal, and he will always be the name, the face and inspiration of this team.
"My aspiration is to ensure the team and the company are run to the high standards that Frank and (co-owner) Patrick Head have always demanded both on and off the track.
"I am fortunate to count on dedicated partners, a strong board, and above all, a great team of dedicated and talented people at Grove."
The team currently lie seventh in the constructors' championship with 20 points.
