Daimler AG plans to reorganize its Formula 1 activities. In this context, Daimler has signed a letter of intent with Austrian investor and motorsport manager Toto Wolff, according to which Wolff will acquire a significant minority interest in the Daimler subsidiary Mercedes-Benz Grand Prix Ltd. (MGP) and will also head that company as its executive director.
"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.
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.
Together with him and Niki Lauda, we will further develop our motorsport activities and guide our Silver Arrows into the next era," stated Dr. Dieter Zetsche, Head of Mercedes-Benz Cars and Chairman of the Board of Management of Daimler AG.
Toto Wolff is to become both a shareholder and executive director of Mercedes-Benz Grand Prix Ltd., and will take over the complete coordination of all Mercedes-Benz motorsport activities.
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 leaving Williams on good terms and I will miss the team and friends I have made there.
I'd also like to wish Frank and the whole of Williams the best of luck for the future", Wolff added.
Toto Wolff started his motorsport career in Formula Sport in 1992. Since 1998, Wolff has founded several venture capital companies. 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 British racing team Williams Grand Prix Holdings PLC and joined its board of directors. Since July 2012, Toto Wolff has been a member of that team's management.
Toto Wolff will resign from that position when he joins Mercedes-Benz, but will remain a Williams shareholder.