Mercedes have confirmed that Niki Lauda, Ross Brawn and newly appointed Toto Wolff will head up the management of the Mercedes F1 racing team as part of a restructuring of the company’s motor racing management team, with newcomers Lauda and Wolff also set to become shareholders in the new arrangement.
In a press release today the company announced: “Daimler AG plans to reorganize its Formula One activities. In this context, Daimler has signed a letter of intent with Austrian investor and motorsport manager Toto Wolff, according to which Wolff will acquire a significant minority interest in the Daimler subsidiary Mercedes-Benz Grand Prix Ltd. (MGP) and will also head that company as its executive director. Furthermore, Niki Lauda, currently non-executive chairman of MGP, will also acquire a stake in the company. Together with Ross Brawn, Lauda and Wolff will complete the management of the Mercedes-Benz F1 racing team.”
Norbert Haug, stalwart of the Mercedes motorsport programme for two decades, resigned in December and is set to be replaced by Wolff. The statement added, “Toto Wolff is to become both a shareholder and executive director of Mercedes-Benz Grand Prix Ltd., and will take over the complete coordination of all Mercedes-Benz motorsport activities.”
Dr. Dieter Zetsche, Head of Mercedes-Benz Cars and Chairman of the Board of Management of Daimler AG stated, “As an entrepreneur, investor and motorsport manager, Toto Wolff has proven that this sport runs in his blood; at the same time, he is also well aware of the economic necessities of the business. With Toto Wolff, we have gained for our F1 team not only an experienced motorsport specialist, but also a longstanding enthusiast of the Mercedes-Benz brand. Together with him and Niki Lauda, we will further develop our motorsport activities and guide our Silver Arrows into the next era.”
Wolff, who resigned his role as Williams executive director, said, “Mercedes is one of the most important participants in motorsport worldwide. I am not only a big fan, but also a longstanding friend and enthusiast of the brand. I am looking forward to the challenge and, along with preparing for a successful racing season, also want to focus on the targeted promotion of new talent.”
Toto Wolff started his motorsport career in Formula Sport in 1992. Since 1998, Wolff has founded several venture capital companies. His current investments include an interest in HWA AG, the partner of Mercedes-Benz Motorsport in DTM racing.
In November 2009, he acquired a stake in British racing team Williams Grand Prix Holdings PLC and joined its board of directors. Since July 2012, Toto Wolff has been a member of that team’s management. Toto Wolff will resign from that position when he joins Mercedes-Benz, but will remain a Williams shareholder. (GP247)
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