Williams, Formula One’s only publicly traded team, hired Felipe Massa to replace Pastor Maldonado next season.
Massa is leaving Ferrari, where he raced since 2006, after losing his place there. In a statement, Williams said it will retain Valtteri Bottas to be his teammate.
Williams won the last of its nine team titles in 1997 and has scored a single point after 17 of 19 races this season. Its share price has fallen 31.5 percent this year.
Massa is the latest Brazilian to race for Grove, England-based, Williams. They included Ayrton Senna, who was killed in a racing accident in 1994.
“Williams is one of the most successful and important teams of all time in Formula One,” Massa said in the statement. “When I was a kid I always dreamed about racing for Williams, Ferrari or McLaren and I’m glad to be signing with another icon of the sport following my time at Ferrari.”
Massa will be replaced by former champion Kimi Raikkonen at Ferrari next season.
Williams didn’t give a reason for Maldonado’s departure. Hiring the Venezuelan in late 2010 brought the team sponsorship from the country’s state oil company Petroleos de Venezuela SA. He scored Williams’s only point this season.