Mercedes and Williams confirmed that Toto Wolff will be executive director of Mercedes-Benz Grand Prix Ltd.
Yesterday German newspaper Bild wrote that Toto Wolff will take Norbert Haug`s duties in Mercedes. Today, firstly Williams confirmed that Wolff isn`t a member of board of this team and then Mercedes released official press note.
“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” – we can read in official Mercedes-Benz statement.
According to Williams statement, Wolf will however keep his shares in Williams. Reports estimate the value of Wolff’s Williams shareholding at up to EUR 40 million. As well as owning shares in Williams, Wolff also has a stake in HWA, the German company that runs Mercedes’ DTM programme.