The Williams family will cut links with the team founded by Frank Williams after the Italian Grand Prix this weekend, the Formula One outfit announced on Thursday.
Frank's daughter Claire Williams, who has acted as the de facto boss of the British team since 2013, revealed she would be departing her role as deputy team principal following the team's sale to a US investment firm.
Williams, winners of 16 drivers' and constructors' world championships, were sold last month to Dorilton Capital.
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."
Frank Williams, 78, founded the team in 1977.