Shortly after Williams released a statement confirming that Toto Wolff would be stepping down from the board of directors, Daimler confirmed that the Austrian “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," the release quotes Dr Dieter Zetsche as saying. “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."
Nikki Lauda will also be taking a stake in MGP. Brawn, Lauda, and Wolff will take on joint responsibility for managing the team, the release states.
Wolff's Mercedes connection comes via DTM, where HWA AG - a company Wolff invests in - partners the marque. While he has stepped down from the Williams board, Wolff will continue to hold his shares in the team.