Toto Wolff signed a three-year contract to remain as team principal and chief executive of Formula One outfit Mercedes on Monday. The Austrian, who owns a one-third share of the Formula One team, announced the new agreement following a meeting with fellow shareholders INEOS and Mercedes-Benz. Wolff has overseen the day-to-day running of the operation since 2013. The 52-year-old guided Mercedes to eight successive Constructors' Championships from 2014-21. Mercedes finished as runners-up behind Red Bull in 2023 and their star man Lewis Hamilton came third in the drivers' championship last term.