Sir Frank Williams will no longer be involved in Formula One after it was announced that one of the sport's best-known families is stepping aside.
Claire Williams, who has acted as the de facto boss of the British team since 2013, revealed she will be departing her role as deputy team principal.
Williams, winners of 16 drivers' and constructors' world championships, were sold last month to US investment firm Dorilton Capital.
The Williams name will leave the sport following this weekend's Italian Grand Prix. The identity of the team's replacements are yet to be confirmed.
Claire Williams said: "With the future of the team now secured, this feels like the appropriate time for us to step away from the sport.
"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.
"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."
Sir Frank Williams, 78, founded the team in 1977, while his daughter Claire, 44, was placed in charge of its day-to-day running seven years ago.
Williams enjoyed great success in the 1980s and 1990s but have won just one race in the last 16 years.
They have finished bottom of the constructors' championship for the past two seasons, and are without a point in 2020.
Claire Williams added: "On behalf of Frank and the Williams family, I would like to say how incredibly grateful and humbled we are for the support we have enjoyed over the years, from our friends in the paddock to the many fans around the world.
"But mostly, we would like to thank our team. People who have worked at Williams in the past and present.
"They are the true warriors of this team and have made it what it is and we wish them well. Formula One has been our life for so long and now it's time for a new chapter in our lives to begin."