Nick Fry steps down as Mercedes CEO

March 22nd, 2013 (F1Plus / Chris Cameron-Dow) - The Mercedes AMG Petronas Formula One Team today confirmed in a press release that Nick Fry will step down from his position as CEO at the beginning of April. Fry will continue to participate in the the team's commercial activities until the end of 2014, and possibly into the future.

Fry's responsibilities will be taken over by Toto Wolff, who joined Mercedes as an Executive Director at the end of 2012. Wolff's involvement in the day-to-day running of the team is therefore set to increase significantly, although Wolff has not at this stage been given the title of CEO. No further management changes have been mentioned at this point, although the issue of Paddy Lowe's future role in the team remains unresolved - Lowe is currently on "gardening leave" from his position at McLaren after he entered negotiations with Mercedes to join the Silver Arrows in 2014.

Fry had the following to say: “I feel very privileged to have had the opportunity to work with our team for the last 11 years and remain extremely proud of the fact that we took the team to its first race win and especially the double World Championship in 2009 [as Brawn GP]. Equally important is the success of our commercial activities as we have managed to gain the support of some of the most important companies in the world, thereby building a strong foundation for the future success of the team. I believe that Mercedes AMG Petronas offers the best sponsorship proposition in Formula One and I look forward to continuing to assist the team and its partners over the coming years.”

Toto Wolff praised Fry for the role he has played in building up the commercial side of the Mercedes team: “I would like to thank Nick for more than ten years of service to the team in Brackley. Mercedes AMG Petronas enjoys a strong network of global, blue-chip partners who want to be associated with Mercedes-Benz in Formula One and we will work hard to retain our loyal partners while also attracting new names to the sport in the future. I am pleased that Nick will remain close to the team to support us in achieving these targets.”