Wolff and Lauda extend Mercedes deals to 2020

Toto Wolff and Niki Lauda have extended their contracts with Mercedes, keeping both men at the team until the end of 2020.

Mercedes states the new deals align "with the expiration of the current Commercial Agreement with Formula One Management [FOM]", referencing the bilateral agreement each team has with FOM.

Wolff joined Mercedes from Williams in February 2013, becoming a 30% shareholder in Mercedes-Benz Grand Prix Ltd alongside his role of executive director. Wolff – who is also head of Mercedes-Benz motorsport – says he is relishing the chance to continue leading the Formula 1 team following three consecutive championship doubles.

"Winning is never down to single individuals – it is about the right group of people coming together, aligning themselves with a common objective and then combining their talents to achieve that target," Wolff said. "Each day I come to the factory, I am humbled to have the privilege of representing this inspiring group of people."

Lauda joined Mercedes a few months earlier than Wolff and holds the role of non-executive chairman of the board of Mercedes-Benz Grand Prix Ltd, while himself holding a 10% stake in the team. The three-time F1 drivers' champion says his work alongside Wolff has helped delivered Mercedes' recent success.

"The last few years have been some of the most enjoyable I have had in Formula 1," Lauda said. "Toto and I formed a perfect partnership at Mercedes and we have a great team on every level that has delivered results. I must thank Dieter and the other members of the board of Daimler AG for renewing their confidence in us."

The shareholding agreements remain unchanged with Daimler holding a 60% stake in the F1 team, and Daimler CEO and chairman, Dr Dieter Zetsche, welcomed the new deals.

"It's great news that Toto and Niki have extended their agreements," Zetsche 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 program important continuity for the next four years."

Mercedes has undergone somewhat of an overhaul of key personnel this winter, with Paddy Lowe leaving his role of executive director [technical] ahead of an expected move to Williams. James Allison has effectively replaced Lowe but in the newly-created role of technical director – reporting to Wolff – while Valtteri Bottas has been named as Nico Rosberg's replacement after the German retired immediately following last year's title victory.