Toto Wolff, team principal and chief executive of the Mercedes Formula 1 (F1) motor racing outfit, has agreed to a deal to remain in his posts until the end of 2026.
The 52-year-old Wolff has now told media about the three-year contract renewal.
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He has been at Mercedes since January 2013 and owns around one-third of the team. Ownership of the outfit is equally split between Wolff, the Mercedes-Benz automotive giant, and a subsidiary of the Ineos petrochemicals company (which took its stake in early 2020).
Speaking to the Daily Telegraph newspaper, Wolff said: "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 [Wolff, and the hierarchy at Mercedes-Benz and Ineos] decided: 'Let's do it again’.”
He added: “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."
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