Frank Williams and his daughter Claire will leave their their roles at the Williams team - and the sport of Formula One - after this weekend's Italian Grand Prix.
The announcement comes a fortnight after the family-run outfit was sold to US investment firm Dorilton Capital and while the team will retain the Williams name, it'll now longer have involvement from the family.
Claire took over the day-to-day running from her dad in 2013 with the team landing 16 world titles during the 43-year era of the family at the helm.
"With the future of the team now secured, this feels like the appropriate time for us to step away from the sport," Claire Williams said of their upcoming departure.
"As a family, we have always prioritised the team. We have demonstrated that by our recent actions with the Strategic Review process and we believe now is the right time to hand over the reins and give the new owners the opportunity to take the team into the future.
"We have been in this sport for more than four decades. We are incredibly proud of our track record and the legacy we leave behind. We have always been in it for the love of it, for the pure pleasure of going motor racing, so this is not a decision that we have taken lightly but after much reflection and as a family.
"We are greatly appreciative of Dorilton's encouragement to continue, but in them we know the team will be in good hands and the Williams name will live on. This may be the end of an era for Williams as a family-run team, but it is the beginning of a new era for Williams Racing and we wish them much success in the future."