Having overseen one of the most important and successful periods in the history of both the British Racing Drivers' Club (BRDC) and Silverstone, Damon Hill has indicated to the BRDC Board that he plans to stand down as BRDC President at the Club's Annual General Meeting (AGM) on 25 August.

Hill was appointed BRDC President in 2006. During his tenure the BRDC has secured the long term future of the Formula 1 British Grand Prix at Silverstone, agreeing a 17-year deal with Formula One Management; has overseen major developments to both the circuit and venue, including significant revisions to the Grand Prix Circuit layout in 2010, and the opening of the Silverstone Wing, the circuit's £27 million state-of-the-art Pit and Paddock Complex, in 2011; has secured the rights to host Britain's rounds of both the FIM MotoGP World Championship and Superbike World Championship; and has launched the BRDC SuperStars programme - an initiative that Damon is passionate about, supporting and encouraging young British racing talent.

"It has been a great privilege and honour to serve as BRDC President since 2006," said Hill. "As a Club and business, we can be immensely proud of everything we have achieved for British motor sport over the past few years. The BRDC and Silverstone face a stable and exciting future, so the timing is right for me to hand over the reins and devote more time to my family, my own interests, and the racing career of our son, Josh. However, I remain a committed Member of the BRDC and look forward to watching the Club go from strength to strength."

"I cannot speak highly enough of the superb work that Damon has carried out since his appointment as BRDC President," added BRDC Chairman Stuart Rolt. "We owe him an immense debt of gratitude for the commitment and energy he has put into being the public face of the Club, and therefore Silverstone, at times of uncertainty and then great optimism. We will miss his low key, no nonsense approach to life, and wish him all the best."

BRDC Members were made aware of Damon's decision to stand down in a notification of the impending AGM. The BRDC Board also announced its unanimous support for existing BRDC Board Director Derek Warwick, who will stand as a candidate to replace Damon as President.

Rolt added, "The Board is delighted that Derek is willing to offer himself for election as BRDC President, to take over from Damon. In Derek we have another hugely experienced, yet down to earth, genuine racer.

"In addition to his on-track success and recent work as a Director of the BRDC, Derek has been heavily involved in the management of the BRDC SuperStars and he very much shares Damon's passion for supporting young British drivers."