Lauda and Wolff extend contractsposted in F120 | 02 | 2017
MERCEDES F1 BOSSES Toto Wolff and Niki Lauda have committed to new contracts with the Formula 1 team that run through until the end of 2020.
This date aligns with the expiration of the current Commercial Agreement with Formula One Management.
Wolff and Lauda have worked closely together since the departure of former team principal Ross Brawn at the end of 2013.
Lauda began working with Mercedes in late 2012. Since 2013, he has held the role of non-executive chairman of the board of Mercedes-Benz Grand Prix and holds a 10% stake in the Team.
Toto Wolff joined Mercedes from Williams in February 2013. As a 30% shareholder in Mercedes-Benz Grand Prix and an executive director, he has worked since that time as the team’s managing partner, responsible for day-to-day operations alongside his wider responsibilities as head of Mercedes-Benz Motorsport.
The shareholding arrangements remain unchanged, with Daimler AG retaining a 60% majority stake in the team.
Related: Mercedes confirms Bottas for 2017
“It’s great news that Toto and Niki have extended their agreements,” Dr Dieter Zetsche, chairman and CEO of Daimler AG, said today. “In 2013, we restructured the management of the team with the clear goal of improving our performance.
“Since then, however, the results have exceeded our expectations. A key factor in this success has been the combination of Toto’s entrepreneurial skills and Niki’s experience. Their renewed commitment gives our programme important continuity for the next four years.”
The new agreement was welcomed by three-time world champ Lauda.
“The last few years have been some of the most enjoyable I have had in Formula One,” the Austrian admitted. “Toto and I formed a perfect partnership at Mercedes and we have a great team on every level that has delivered results. I must thank Dieter and the other members of the board of Daimler AG for renewing their confidence in us.”
Wolff, meanwhile, said: ““Winning is never down to single individuals – it is about the right group of people coming together, aligning themselves with a common objective and then combining their talents to achieve that target.
“Each day I come to the factory, I am humbled to have the privilege of representing this inspiring group of people.”
Related: Di Resta retained by Williams F1
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Jim McGill