Toto Wolff has revealed that he has reaffirmed his commitment as team principal to the Mercedes F1 outfit for an additional three seasons.
The decision signifies Wolff's unwavering dedication to leading Mercedes back to the pinnacle of the sport.
Wolff announced his new multi-year deal in an exclusive interview with The Telegraph, in which he revealed signing a recent agreement with his fellow shareholders, INEOS owner Jim Ratcliffe and Mercedes-Benz CEO Ola Kallenius.
The three parties have recognized the importance of stability in management as Mercedes strives to regain its championship dominance.
"I think the most important thing between the three of us is that we trust each other,” commented Wolff.
"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 decided: 'Let's do it again'."
Mercedes, which dominated Grand Prix racing for almost a decade, was caught out by the introduction in 2022 of F1’s new ground effect regulations, a failure that has left the team with just a single win under its name – courtesy of George Russell in Brazil in 2022 – in 44 races.
Despite its depressed track record and regardless of what the future will deliver, Mercedes has not inscribed a performance clause in Wolff’s management contract, thus sending a clear message of confidence in its team principal.
"I've never had a performance clause," Wolff said. "You either trust each other or you don't. And we are aligned as shareholders."
"Wolff believes that the most significant challenge he faces is maintaining motivation in the face of easy success, rather than succumbing to frustration and walking away in the event of a lack of improvement."
Wolff conceded that the most difficult part of maintaining his motivation is to avoid becoming complacent and to always seek out new challenges and areas for growth.
"I'm part of this team in various functions," he added. "I'm a co-shareholder. I'm on the board. These are things which will not change whatever executive, or non-executive, role I have. But I feel good.
"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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