Wolff linked with Carey's CEO role after 2020
- Published on 08 May 2019 12:19
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- By: Fergal Walsh
Mercedes team boss Toto Wolff could take over Chase Carey's role as CEO of Formula 1 when his contract with the Silver Arrows ends after 2020.
The future of the Austrian is not yet known, and GPToday.net has learned from high-level sources that Wolff is evaluating his future beyond his current contract.
Wolff currently owns 30 per cent of the Mercedes F1 team, while Niki Lauda owns 10 per cent. It is believed that Wolff's shareholding in the team is subject to a 'pull' option, which would allow Mercedes to acquire the combined 40 per cent of shares.
Tensions between new Mercedes CEO and Wolff
Mercedes CEO Dieter Zetsche will soon step down from his role to be replaced by Ola Kallenius. According to Mercedes insiders, Kallenius and Wolff have an unsavoury relationship, which could lead to complications down the line.
In Baku, Wolff didn't deny that his contract expires after the 2020 season and also confirmed that he is evaluating his future commitments. He also refused to comment further on his relationship Kallenius.
Carey rumoured to be stepping down from CEO role
Liberty Media's CEO and chairman Carey is also rumoured to be stepping away from his position as the company's CEO, all the while retaining his role as chairman.
This would open up a spot for a new executive to come in, with Wolff high on Liberty's list of suitable replacements.
Carey is believed to be tied down by a three-year contract that expires at the end of 2019, however that may be extended in light of Liberty's work with F1 to finalise the overhaul of regulations for 2021.
A Formula 1 spokesperson declined to comment on the situation.
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Replies (6)
Login to replymcbhargav
Posts: 1,332
I think, its high time, someone who knows F1 is appointed its CEO. Good for Wolff.
ajpennypacker
Posts: 2,475
I agree. Unlike Jean Todt who also got a senior role, Toto has gotten that success without bringing the sport into disrepute. That being said, I am a bit shocked that he doesn't get along with the new CEO. I guess that generating massive success and money are not enough to heal some relationships
mcbhargav
Posts: 1,332
I'm not privy to the financial reports of DMLRY. But, i wouldn't bet that, their F1 program is bringing any nominal financial gains, except for mindshare and brand recognition. For an opposing party, its an easy argument to reduce the funding, or even shift their strategy to formula E from their F1 program. A CEO is a well placed to do that on their board. So, Wolff is highly vulnerable, if done.
Ram Samartha
Posts: 1,172
I seen a lot of people on this site leave negative comments about Toto, but I like him, I think he would be a good person for the job. He's obviously very intelligent and a good diplomat. However it's hard to put much stock in a rumor that has to do with something that's still two or three years off in the future.
calle.itw
Posts: 8,527
Hmm, I'm kinda neutral on this. On one end: good to have an F1-connected person in F1, that isn't entirely corporate. With emphasis on entirely. On the other end: I don't really trust Wolff anymore. It ain't me necessarily hating, I used to like Wolff, but I feel he has overstepped on enough occations for my trust to have been wasted. Ordering around drivers from other teams comes to mind. And considering he is from Mercedes, one of the currently bigger F1 teams, and has so strong ties with Merc' and Daimler as is, I would probably always look at ever decision he was behind while thinking "how do this benefit Merc' over the others?".
DGuzmanG
Posts: 15
I wonder about the relationship between the good Ross Brawn and Toto Wolff...
And although I like Toto and he strikes me as a good sport, Mercedes shady stuff (secret tests, magic rule changing, etc) all happened under his command....