Toto Wolff has signed a three-year contract extension to remain as Mercedes team principal until the end of the 2026 Formula 1 season.
Wolff joined Mercedes from Williams in January 2013 and has helped the team win eight constructors’ championships and seven drivers’ titles in that time.
Lewis Hamilton has finished top of the drivers’ standings while representing the team on six occasions, most recently in 2020, while Nico Rosberg triumphed for them in 2016.
However, Mercedes have only secured one race victory throughout the last two seasons, battling reliability issues with their W13 and W14 cars while Red Bull and Max Verstappen emerged as the sport’s dominant force.
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Wolff, who is one of three equal shareholders in the Mercedes team and also serves as chief executive, told The Telegraph he had extended his contract on Monday as he targeted a major improvement for the 2024 campaign.
“At the end of the day, as a shareholder myself, I want the best return on my investment. The best return on investment is winning,” he said.
“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 shareholders decided, ‘let’s do it again’.”
14.02.24. Meet the W15 🖤 pic.twitter.com/6XRmjiJC1N
— Mercedes-AMG PETRONAS F1 Team (@MercedesAMGF1) January 15, 2024
Mercedes-Benz and INEOS owner Jim Ratcliffe – who recently agreed to buy a minority share in Manchester United – are the team’s other shareholders.
Mercedes are due to unveil their car for the 2024 season – the W15 – on February 14, ahead of the campaign getting under way with the Bahrain Grand Prix on March 2.
