Sir Frank Williams has named Adam Parr, the Oxfordshire based team's current chairman, as his obvious successor.
69-year-old founder Williams remains the major shareholder and team principal, but he has already handed over the day-to-day running of the once-great outfit to fellow Briton Parr, 46.
"If for whatever reason I couldn't come in to do my job, Adam would fill the gap," Williams told the British magazine F1 Racing.
"He's not a racer but, in a way, that's probably an advantage in these distinctly commercial days," he added.
Parr began his career with the investment bank Barclays de Zoete Wedd, and later worked for Rio Tinto.
He practiced law until the late 90s, meeting Williams in 2000.