Williams has confirmed that shareholder Toto Wolff has become an executive director of Williams Grand Prix Holdings PLC with immediate effect.

Wolff has been a minority shareholder for a number of years and was previously a non-executive director of the company.

In his new role, Wolff will work closely with Sir Frank Williams in the future direction of the company.

"It's a great honour for me to be assisting and supporting Sir Frank in his role as Team Principal at Williams," Wolff said. "I have been a shareholder in the business since 2009 and I am really looking forward to being able to take my responsibilities to a new level. I know that together we will work tirelessly to make the Group and team as successful as it can be."

Williams himself also welcomed the news that Wolff is to expand his involvement with the team.

"Toto's new role, working closely alongside myself, is about Williams looking forward and managing the successful running of the company," he said. "I am looking forward to our new working relationship and I have every belief that this partnership will help take Williams F1 from strength to strength."