Craig Pollock has announced he is stepping down as Managing Director and Team Principal of British American Racing to pursue other interests.

The team intends to announce the identity of Craig’s successor at the new car launch later today.

Kenneth Clarke, BAR chairman said the team was grateful to Craig for his contribution since the team’s inception.

"He has been pivotal in enabling BAR to become one of the most successful start-up teams in recent Formula One history," he said.

Craig Pollock commented that he is extremely proud of what has been achieved at British American Racing.

"I believe the foundations have been laid for great success," he said.

"All the staff have been fantastic to work with and I wish the team every success for the future. For my part, I think the time is now right to explore new opportunities."

On behalf of Honda, President of Honda Racing Development Shoichi Tanaka said: "Firstly, Honda would like to thank Craig Pollock for his considerable effort over the past two years."

"As to the future, we are looking forward to working with everyone at BAR to ensure that we push forward together towards our goal of winning the World Championship."