«

»

Jan 21

Toto Wolff to leave Williams Grand Prix Holdings PLC

Williams’ Wolff to succeed Haug at Mercedes

Williams Grand Prix Holdings logo2012-04-15 - Williams F1 - Chinese Grand Prix - Toto Wolff 01Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced that Toto Wolff, one of its Executive Directors, will be leaving the Company with immediate effect to take up a new role with Mercedes-Benz Grand Prix Ltd.

Toto will be relinquishing his seat on the Company’s Board of Directors but will retain his shareholding. Team Principal and majority shareholder Sir Frank Williams will continue to oversee the running of the Company with Toto’s responsibilities being shared between members of the Board’s Executive Committee.

Speaking about Toto Wolff’s departure Sir Frank Williams commented; ‘’I would like to thank Toto for his hard work, dedication and commitment to the team during his time as a Director of the Company. He was a key support to me as Executive Director last season, deputising at a number of races when I was unable to attend. However, positions such as the one offered to him by Mercedes do not come around often. Toto has a long history with them and I certainly was not going to stand in the way of him accepting this once in a lifetime opportunity. Toto will retain his shareholding in Williams and will always have a place at Grove but make no mistake; we will fight him hard on the racetrack! I am sure he will be a strong asset for Mercedes and on behalf of the whole team I would like to wish him the best of luck in his new role. I’m lucky to have a very professional group of people around me and the Company’s Executive Committee will continue the work they have been doing to ensure a successful future for the business.”

source: williamsf1.com

Williams’ Wolff to succeed Haug at Mercedes

Toto Wolff, the Williams shareholder who manages Valtteri Bottas and only last July became an executive director, is leaving the Oxfordshire based team.

The mass-circulation German newspaper Bild reports that the 41-year-old Austrian, a former racing driver, is replacing the recently departed Norbert Haug as Mercedes’ motor sport chief.

He has almost certainly been appointed by the marque’s new F1 chairman Niki Lauda, the triple world champion who – like Wolff – is from Vienna, Austria.

As well as owning shares in Williams, Wolff also has a stake in HWA, the German company that runs Mercedes’ DTM programme.

Mercedes would not comment, and neither would Williams.

But Bild claimed the news is likely to be announced officially at the DTM test in Valencia, which starts on Tuesday.

Reports estimate the value of Wolff’s Williams shareholding at up to EUR 40 million.

source: GMM