Damon Hill will be succeeded as president of the Silverstone-owning British Racing Drivers' Club by Derek Warwick, another former Grand Prix driver.
Hill, the 1996 world champion, is stepping down after five years, during which time the Northamptonshire circuit has undergone radical improvements and secured a new long-term contract to host the British Grand Prix.
"As a club and business, we can be immensely proud of everything we have achieved for British motor sport over the past few years," said the 50-year-old.
Hill, who took over from Sir Jackie Stewart as BRDC president in 2006, said he will now "devote more time to my family, my own interests, and the racing career of our son Josh".
56-year-old Warwick, one of the best drivers never to have won a race and already a BRDC director, is tipped to formally succeed Hill at the next club meeting in August.