F1 News: Toto Wolff Confirms Mercedes Future As Team Principal

Mercedes CEO Toto Wolff has signed a multi-year contract extension as Team Principal with the team.

Toto Wolff has reaffirmed his commitment to the Mercedes Formula 1 team by signing a multi-year contract extension as Team Principal. 

Key Takeaways:

• Enduring Leadership: Since joining Mercedes in 2013, Toto Wolff has led the team to eight consecutive Constructors’ Championships from 2014 to 2021, becoming a pivotal figure in the team's history.
• Recent Struggles and Future Vision: Despite a challenging phase with only one win in the last two seasons, Wolff remains motivated to lead Mercedes back to the top, emphasising trust and shared goals with co-owners Daimler and INEOS.
• Team Dynamics and Upcoming Developments: With Lewis Hamilton and George Russell confirmed through 2025 and a new car concept in the works, Mercedes is poised to challenge Red Bull's recent dominance in the upcoming seasons.

In a discussion with the Telegraph, Wolff, who owns a third of the Mercedes team along with Daimler and INEOS, confirmed his continued role. He expressed the importance of mutual trust and shared objectives with his co-owners. Wolff said:

“I think the most important thing between the three of us is that we trust each other. 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’.”

Despite the challenges, Wolff remains energised and committed to his various roles within the team, including as a co-shareholder and board member. He continued:

“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.”

Wolff also addressed his new contract, stating:

“You either trust each other or you don’t. And we are aligned as shareholders.” 

This comes after Mercedes' announcement last August that Lewis Hamilton and George Russell would remain with the team through 2025. As the team prepares for the 2024 season with a new car concept, Wolff's leadership will be central to their efforts to regain their position at the top of the sport.