The Mercedes Formula 1 Team just announced that Toto Wolff will remain the team’s principal for another three years!
It’s a big news day for the Mercedes F1 team! Today it was announced that British chemicals company INEOS will become a one third equal shareholder of Mercedes along with Daimler and Toto Wolff, and also that Wolff will continue on at team principal for another three years.
“Under the new shareholding structure, Toto Wolff will continue in his role as Team Principal and CEO for a further three years, leading the executive operations of the company and the racing team,” read a Mercedes statement.
“He will have the subsequent opportunity to transition to a new executive function within the organisation when he decides it is the right time to do so.”
Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG Ola Källenius gave his comments on Wolff’s continued role.
“We remain firmly committed to Formula One, and the forthcoming cost cap along with the new shareholding structure put us in an even stronger position for continued success,” Källenius said.
“With an even closer alignment to our Mercedes-AMG performance division beginning in 2021, and Toto’s continued leadership in the coming years, the future is bright for Mercedes-Benz in Formula One.”
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Wolff also commented on the news.
“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team,” said the Austrian.
“This team is like a family for me. We have been through so many highs and lows together that I cannot imagine working with a better group of people in this sport – and I am very happy to continue together into this new era.
“This new investment from INEOS confirms that the business case for Formula One teams is robust and sends an important signal of confidence in the sport after a challenging year. I am excited to welcome Jim, Andy and John to the team as co-owners: they have built one of the most profitable companies in the world, they embody the true spirit of entrepreneurship and their expertise will strengthen our board in the years ahead.
“In parallel, it is a privilege to continue my partnership with Ola, Markus Schäfer and Mercedes-Benz for the coming years. We are proud to have added to the brand’s prestigious motorsport heritage since 2010 and we share the ambition to grow the organisation further in the years to come.”