“If someone who could do a better job then I would hand the baton over”- Toto Wolff on why he extended his tenure in Mercedes.
Toto Wolff recently signed an extension with Mercedes, as he will be serving them as a team principal of the team for the next three years, and also has finalized his 1/3 share in the racing team to enhance his revenues.
Earlier in the season, there were rumours of Wolff leaving the team in 2021, with him having commercial interests in Aston Martin, whereas, he also suggested in media that someone should takeover the Mercedes baton from him.
However, in the recent statement made by Wolff, he has claimed that he couldn’t find an appropriate replacement for his position. Hence, he made such a lengthy commitment.
“For me, this year was very important. The first half of the year, with not going to the overseas races, allowed me to reflect a lot on the future,” said Wolff, quoted by GPFans.
“I never envisaged leaving the team from a shareholding point of view, but I’d always said that as a team principal you have a certain shelf life, you need to contribute.
“If that was ever the case that I felt there was someone who could do a better job then I would hand the baton over. This is not yet the case.”
Need an all-rounder to lead Mercedes
Wolff further explained what does he seeks in his successor, and he clearly said that he needs someone who can be efficient in dealing the franchise at all fronts.
“You need to cover the racing side as well as the commercial and political side and that’s why we’ve agreed I’m staying on in the role I enjoy, in being team principal,” he added.
“But for the future of the team, and the sustainability and growth of the team, from my perspective it is about looking into the future, who eventually could take over from me as team principal one day, and then me transitioning into a more corporate role as a chief executive officer or executive chairman.”
“When that will happen I don’t know. But [Sir] Jim [Ratcliffe, INEOS chairman] Ola and I are in agreement that it’s my duty to define who could do this role in the future.
“It’s actually a total alignment of interests between the three of us. We wouldn’t want to have someone running the team that is not efficient and successful.”