Damon Hill will step down as president of the British Racing Drivers’ Club in August after five years in the role.
The 1996 F1 world champion has played a key role in developing Silverstone during his tenure.
“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,” he said.
In July the new £27m paddock and pit-lane complex will host F1 teams for the first time – an event which looked impossible three years ago when Donington Park was selected as host of the British Grand Prix from 2010.
But the project’s collapse allowed Silverstone a chance to retain its rights.
Under Hill’s stewardship, Silverstone signed a 17 year deal with to host F1 as well as deals for the British rounds of the Superbike World Championship and Moto GP.
Former grand prix driver Derek Warwick has been singled out as the leading candidate to replace Hill who steps down on August 25.
BRDC chairman Stuart Rolt said: “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.”