26/03/2012 05:50 BST

Formula One racing Team Williams' Chairman Adam Parr Resigns

Williams chairman Adam Parr has resigned from the Formula One team.

Parr will leave vacate his role at the end of the week, ending a six year association with Williams.

He joined the team as chief executive officer in 2006 and ascended to his current post four years later.

Team principal Frank Williams said Parr was "seeking a better balalnce in his life". Williams touted Parr, who will leave on Friday, as his most likely successor at the helm.