Wolff makes move from Williams to Mercedes

Toto Wolff has been appointed as the new executive director of Mercedes-Benz replacing Norbert Haug.

As Mercedes' motorsports new boss he will oversee everything from the Formula One team, right through other motorsport formula's including DTM [German Touring Cars].

The Austrian already has a history with Mercedes in regards to its Touring Car operations and already has an investment in HWA AG, the partner of Mercedes-Benz Motorsport in DTM.

As part of his role with Mercedes he will now acquire a “significant minority interest” in the Mercedes Grand Prix team.

'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,” Head of Mercedes-Benz Cars and Chairman of Daimler AG, Dr Dieter Zetsche told formula1.com.

“With Toto Wolff, we have gained for our Formula One 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.'

Wolff leaves his position as Executive Director at Williams, a role which he only took in July last year.

He joined the Williams board of directors in 2009 and interestingly will keep his shareholding of around 10% in the team despite making the move to a rival team.

'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.' Williams team principal Sir Frank Williams told the BBC.

Wolff's appointment at Mercedes is part of a major reshuffle at the team. Non-executive chairman of the Mercedes F1 team Niki Lauda will also become a shareholder with the pair managing Mercedes' F1 operations along with team principal Ross Brawn.