Formula 1 News

Williams director Wolff joins Mercedes

A stake in the outfit is also expected. The team keeps building aiming to the top.
Monday, January 21, 2013

LONDON, England, Jan 21, 2013 (AFP) - Toto Wolff, an executive director with the Williams Formula One team, is leaving for a similar role with
Mercedes-Benz Grand Prix Ltd, Williams announced Monday.

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Principal and majority shareholder Frank Williams will continue to oversee his eponymous team with Toto's responsibilities being shared between members of the board's executive committee, a statement read.

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"I would like to thank Toto for his hard work, dedication and commitment to the team during his time as a director of the company," Williams said.

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"He was a key support to me as executive director last season, deputising at a number of races when I was unable to attend. However, positions such as the one offered to him by Mercedes do not come around often.

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"Toto has a long history with them and I certainly was not going to stand in the way of him accepting this once in a lifetime opportunity. Toto will retain his shareholding in Williams and will always have a place at Grove but make no mistake; we will fight him hard on the racetrack!"

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Mercedes said in a statement that Wolff "will acquire a significant minority interest" and head Mercedes-Benz Grand Prix Ltd (MGP), a Daimler subsidiary, as its executive director, joining former world champion and non-executive team chairman Niki Lauda as a shareholder.

"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," Mercedes said in a statement.

"With Toto Wolff, we have gained for our Formula 1 team not only an experienced motorsport specialist, but also a longstanding enthusiast of the Mercedes-Benz brand," said Dieter Zetsche, Head of Mercedes-Benz Cars and chairman of Daimler's board of management.

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