In a statement issued by the team on Monday, it was confirmed that Capito had stepped down as team principal and CEO, with technical director FX Demaison also leaving his post.
Williams said it would announce its new team principal and technical director “in due course.”
"It has been a huge privilege to lead Williams Racing for the last two seasons and to lay the foundations for the turnaround of this great team,” said Capito.
“I look forward to watching the team as it continues on its path to future success.”
Matthew Savage, the chairman of Dorilton Capital, thanked Capito for his efforts at Williams as the team “embarked on a major transformation process to begin the journey of reviving Williams Racing.”
Since Capito took over in the role, Williams recovered from being adrift of the midfield to scoring its first points for two years in Hungary last year, as well as a shock podium in the rain-shortened Belgian Grand Prix.
“We’re grateful that Jost postponed his planned retirement to take on this challenge and now he will pass the reins on for the next part of this staged process,” said Savage.
“We would also like to thank FX for his contribution and wish him all the best for his future as he moves on.”
Former Volkswagen Motorsport chief Capito took over at Williams at the end of 2020 following the acquisition of the team by Dorilton Capital from the Williams family.
Capito enjoyed the peak of his success in racing while overseeing VW’s motorsport division when it dominated the World Rally Championship before joining McLaren as its CEO in F1.
But Capito left after just a few months working in the role as part of a management reshuffle following the arrival of Zak Brown and departure of its long-serving chief, Ron Dennis. He then returned to F1 with Williams to take over from Simon Roberts, who had served as acting team principal after Claire Williams left in September 2020.
Capito is the second F1 team principal to leave his role since the end of the 2022 season in Abu Dhabi last month following Mattia Binotto’s departure from Ferrari.
Williams dropped back to last place in the championship this year after rising to ninth in 2021, but managed to pick up eight points over the course of the season.
It signed Alex Albon to a long-term contract following his arrival this year, having largely led its efforts throughout the season, as well as drafting in Formula 2 driver Logan Sargeant to replace Nicholas Latifi in 2023.
