Toto Wolff has signed a new three-year contract to remain as the team principal and CEO of Mercedes until 2026.
Wolff led the team to eight straight constructors’ titles between 2014 and 2021 but has come under pressure after Red Bull’s dominance in the last two years.
Mercedes pipped Ferrari to second place in last year’s constructor standings, although the team failed to win a Grand Prix for the first time in a season since 2011.
The Austrian, who also owns a third of the team, said the contract extension was mutually agreed upon with the other two owners, INEOS and Manchester United’s Sir Jim Ratcliffe and Mercedes-Benz’s Ola Kallenius.
‘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,’ he told The Telegraph.
‘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’.’
The 52-year-old has been with Mercedes since January 2013 but has a mountain to climb next season if they are to overturn Red Bull’s vast advantage.
The team will also be hoping to end star driver Lewis Hamilton’s dry spell, with the seven-time champion without a win in more than two years.
However, the Austrian admitted he is still energised in his role ahead of the new season, which gets underway in Bahrain from February 29 to March 2.
‘I feel good. The risk for me is always more bore-out than burnout,’ he added.
‘And that’s why I embrace the challenges we have today, even though they sometimes feel very, very difficult to manage.’