Wolff, Lauda, Brawn to form new Mercedes management 21 Jan 2013
In a significant shake-up to their Formula One activities, Mercedes have announced that Toto Wolff, formerly Executive Director at Williams, and Niki Lauda, currently non-executive chairman of the Mercedes F1 teams board, will both become investors. Together with team principal Ross Brawn, they will complete a new management line-up for the German carmakers F1 squad.
Wolff, whose Williams departure was announced earlier today (Monday), will acquire a significant minority interest in the team, which he will head up in his role as Executive Director of owners Mercedes-Benz Grand Prix Ltd, and will take over the complete coordination of all Mercedes-Benz motorsport activities, the role formerly filled by Norbert Haug.
"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, stated Dr Dieter Zetsche, Head of Mercedes-Benz Cars and Chairman of Daimler AG.
With Toto Wolff, we have gained for our Formula One 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 sees his new task as one of the most exciting challenges in motorsport: "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.
"I am leaving Williams on good terms and I will miss the team and friends I have made there. I'd also like to wish Frank (Williams) and the whole of Williams the best of luck for the future."
Wolff started his motorsport career as a driver in Formula Sport in 1992. Since 1998, the Austrian has founded several venture capital companies and 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 Williams and joined its board of directors, before becoming an Executive Director in July 2012.
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