Mercedes F1 co-owner Toto Wolff will remain in his role as team principal for at least three more years.
Wolff is one of three equal shareholders in the F1 team, holding a third of the company alongside the Mercedes car company and chemical company INEOS.
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After two difficult seasons, in which the team scored just one victory and saw Red Bull replace it as the dominant force within the sport, there was speculation over whether Wolff would remain in his day-to-day role as team principal or take a step back.
But after holding conversations with INEOS owner Jim Ratcliffe and Mercedes-Benz CEO Ola Kallenius, Wolff said the three agreed that he remain in charge.
“I think the most important thing between the three of us is that we trust each other,” Wolff told the Daily Telegraph on Monday. “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’.”
Wolff has been a Mercedes shareholder and team boss since he joined from Williams in 2013. During that period, Mercedes has won seven drivers’ titles and eight constructors’ titles in the longest period of single-team dominance in F1’s history.
He said he is still motivated to remain in his role and confirmed his shareholding in the team had not been in question.
“I’m part of this team in various functions,” the 52-year-old added.
“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.”
The new deal will also see him stay as team principal into the first year of F1’s next regulation change in 2026.
Wolff confirmed that a continuation of Mercedes’ disappointing form of the last two years would not impact on his position before the end of his new deal.
“I’ve never had a performance clause,” he said. “You either trust each other or you don’t. And we are aligned as shareholders.”
Mercedes will launch its 2024 car, the W15, via an online event on Feb. 14. Lewis Hamilton and George Russell will continue as the team’s drivers this year after signing new two-year contracts.