Team bosses Toto Wolff and Niki Lauda have signed new contracts with Mercedes, tying them to the world championship squad until the end of 2020.
“It’s great news that Toto and Niki have extended their agreements,” said Dr Dieter Zetsche, Chairman and CEO of Daimler AG.
“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.”
Wolff joined Mercedes from Williams in February 2013. As a 30 percent shareholder in the F1 operation and an Executive Director, he has worked as the team’s managing partner, responsible for day-to-day operations alongside his wider responsibilities as Head of Mercedes-Benz Motorsport.
“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,” said Wolff.
“Each day I come to the factory, I am humbled to have the privilege of representing this inspiring group of people.”
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 Ltd and holds a 10 percent stake in the team.
“The last few years have been some of the most enjoyable I have had in Formula One,” Lauda said. “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.”
The re-signing of Wolff and Lauda follows the departure of former Executive Director (technical) Paddy Lowe in January.