Williams has announced two new additions to its board of directors with immediate effect.

Nick Rose will join Toto Wolff, Mike O'Driscoll and Eddie Charlton as the fourth non-executive director and will be chairman of the audit committee, while Louise Evans becomes finance director having previously held the position of head of finance.

"I am delighted to welcome Nick and Louise to our Board," chairman Adam Parr said. "As a highly experienced finance professional, and a member of the Board of two of Britain's largest listed companies, Nick will chair our Audit Committee. As a businessman with experience in the automotive, consumer and luxury sectors, he will be an invaluable asset for Williams F1.

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"Since joining Williams eight years ago, Louise has implemented the highest standards of financial control and reporting and she played a key role in enabling the company to achieve a listing on the Frankfurt Stock Exchange earlier this year.

"The combination of our executive and non-executive directors means we now have a tremendous and balanced Board which can provide the Company and our shareholders with the highest standards of leadership and governance."