© Steve Etherington for Mercedes-Benz Grand Prix Ltd.
In a talk with the Telegraph Toto Wolff confirmed he signed a multi-year extension to remain at the helm of the Mercedes Formula 1 Team.
Toto Wolff has confirmed he signed a contract extension to remain the Team Principal and CEO of the Mercedes Formula 1 Team. The new deal will last until the end of 2026.
Wolff is also a co-owner of the team, along with INEOS boss Sir Jim Ratcliffe and Mercedes chairman Ola Källenius, and he confirms the three of them have decided the contract extension is in the best interest of the team.
“I think the most important thing between the three of us is that we trust each other,” the Austrian said.
“At the end of the day, as a shareholder myself, I want the best return on investment. And the best return on investment is winning.
“I’m not going to try to hang on to a position that I think somebody is going to do better than me. I make sure that I have people around who can tell me otherwise.
“In the end the three of us decided: ‘Let’s do it again.’”
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Wolff added his other roles within the team would not change, even if he was to step down as team principal.
“I’m part of this team in various functions. I’m a co-shareholder. I’m on the board. These are things which will not change whatever executive, or non-executive, role I have.
“But I feel good. The risk for me is always more bore-out than burnout. And that’s why I embrace the challenges we have today, even though they sometimes feel very, very difficult to manage.”
As for whether there are any performance clauses in his contract, Toto said:
“I’ve never had a performance clause. You either trust each other or you don’t.
“And we are aligned as shareholders,” he concluded.
