Daimler has announced that it has signed a letter of intent with Toto Wolff which will see him acquire a significant minority interest in Mercedes-Benz Grand Prix Ltd and will also head the company as its executive director.

Furthermore, Niki Lauda, currently non-executive chairman of MGP, will also acquire a stake in the company. Together with Ross Brawn, Lauda and Wolff will complete the management of the Mercedes-Benz Formula 1 racing team.

"As an entrepreneur, investor and motorsport manager, Toto Wolff has proven that this sport runs in his blood," said Dr. Dieter Zetsche, Head of Mercedes-Benz Cars and Chairman of the Board of Management of Daimler AG, "at the same time, he is also well aware of the economic necessities of the business. With Toto Wolff, we have gained for our Formula 1 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."

Toto Wolff is to become both a shareholder and executive director of Mercedes-Benz Grand Prix Ltd., and will take over the complete coordination of all Mercedes-Benz motorsport activities.

Wolff sees his new task as one of the most exciting challenges in motorsport: "Mercedes is one of the most important participants in motorsport worldwide. I am not only a big fan, but also a longstanding friend and enthusiast of the brand. I am looking forward to the challenge and, along with preparing for a successful racing season, also want to focus on the targeted promotion of new talent."

"I am leaving Williams on good terms and I will miss the team and friends I have made there. I'd also like to wish Frank and the whole of Williams the best of luck for the future", he added.

Wolff started his motorsport career in Formula Sport in 1992. Since 1998, he has founded several venture capital companies. His current investments include an interest in HWA AG, the partner of Mercedes-Benz Motorsport in DTM.

In November 2009, he acquired a stake in Williams Grand Prix Holdings PLC and joined its board of directors. Since July 2012, he has been a member of that team's management. He will resign from that position when he joins Mercedes-Benz, but will remain a Williams shareholder.