Mercedes F1 team chiefs Toto Wolff and Niki Lauda sign new contract extensions until end of 2020

Mercedes GP Executive Director Toto Wolff talks with Mercedes GP non-executive chairman Niki Lauda

Mark Thompson/Getty Images

Matt Majendie @mattmajendie20 February 2017

Mercedes team boss Toto Wolff today signed a new contract until the end of 2020 along with non‑executive chairman Niki Lauda.

Dieter Zetsche, chairman of Mercedes parent company Daimler, said: “In 2013, we restructured the management of the team with the clear goal of improving our performance.

"Since then, however, the results have exceeded our expectations. A key factor in this success has been the combination of Toto's entrepreneurial skills and Niki's experience.

"Their renewed commitment gives our programme important continuity for the next four years."

Wolff owns a 30 per cent stake and Lauda a 10 per cent share in the team.

The deals follow a winter of change at Mercedes, with world champion Nico Rosberg retiring to be replaced by Valtteri Bottas and executive director Paddy Lowe quitting to join rivals Williams.

The team will unveil its new F1 car on Thursday ahead of pre-season testing, which starts on Sunday.