Adam Parr resigns from Williams
As Williams regains competitiveness on the track, they are set to lose their CEO as Adam Parr has decided to resign, effective March 30. Nick Rose, who has been a director and non-executive chairman, will then become the non-executive chairman.
The day after the best race performance since Singapore 2010, Adam Parr decided to announce his departure, which had not been leaked in the paddock. The team’s official press release doesn’t provide much more explanation on this matter since Frank Williams merely states: “Adam is leaving us on good terms to have a better balance in his life, for which I wish him and his family the best. He leaves us in good conditions, and I have confidence that the Williams board and top management will continue to move the business towards a promising future.”
During his five years at the helm of the Grove team, he experienced significant structural changes. Thus, when he took up his position at the end of the 2006 season, he was responsible for the transition from the Cosworth engine to the Toyota block, before reversing course three seasons later when the Japanese manufacturer decided to withdraw.
But above all, he was at the helm of Williams during an intense period of change. Williams decided to follow the same approach taken by McLaren, namely to establish itself as a real business, with the racing division being just one subsidiary among others (even if it remains by far the most important). This is why it has established partnerships with external companies (including Porsche and Audi) based on its expertise developed in F1, including hybrid technology with the KERS. Williams will also be heavily involved in the Jaguar C-X75.
The other fundamental aspect of his period will have been the IPO of the group. Thus, after replacing Frank Williams as chairman of the board in July 2010, he will have implemented the internal procedures to meet the criteria of listed companies. The team founder thus highlights the central role of Adam Parr in this long process: «I asked Adam to join Williams at the end of 2006 to support me in managing our team. In five years, Adam’s results have exceeded my expectations, and I must thank him for his services. At least for his decisive role in the technical changes of the past year, which are starting to materialize with our increased competitiveness this season, and for having led the company towards a successful IPO.»
Nevertheless, the question of the reasons for this departure arises. So when Tom Cary from the Telegraph asked him if he liked his current position, he replied as follows: « I think last year was very, very tough for the team. So the word “enjoy” is the wrong word. On the other hand, the opportunity, the challenge to do things well is very interesting. I am delighted by the people I have around me, the fighting spirit we display. It is a great honor to be part of it. »
These statements made about ten days ago do not seem to be from someone who is about to leave… It could therefore be that this decision was made following the current negotiations around the new Concorde Agreements. Indeed, it comes the day after the announcement by Bernie Ecclestone himself that an agreement had been reached with the majority of the teams. It seems that Williams is not yet part of those. Adam Parr could therefore have refused an agreement with the F1’s main financier, who, in return, may have strongly insisted with Frank Williams (who remains the majority shareholder of his team) that a change be made at the head of Williams.
It remains to be seen how long it will take Williams to announce such a deal…
With the participation of RacingBusiness.fr
