Nick Fry, chief executive of the Mercedes Formula One team, will step down from his post this April. The team’s executive director, Toto Wolff, will assume Fry’s duties responsibilities and will have a greater involvement in the day-to-day operations. Mercedes said in a statement at the Malaysian Grand Prix that Fry will remain as a consultant to the team, helping with commercial operations until at least the end of 2014.
Fry joined the Mercedes Formula One team when it was still known as BAR, staying through subsequent incarnations like Honda and Brawn GP -- which won both championships in 2009 before it was acquired by Mercedes. Fry said in the statement that he feels “very privileged” to have had the opportunity to work with Mercedes Formula One team for the last 11 years, adding that he remains extremely proud of the fact that they took the team to its first race win and the double World Championship in 2009.
He remarked that equally important is the success of the team’s commercial activities as Mercedes Formula One has managed to receive support from some of the most important global companies, building a strong foundation for its future success. Mercedes, who now boasts of 2008 champion Lewis Hamilton as one of their drivers, had implemented a major management restructuring since the end of last season.
Wolff has joined the team as executive director and as 30-percent stake owner, replacing the departed Norbert Haug as the person in-charge of coordinating all of Mercedes' motorsport activities. Triple world champion Niki Lauda has been appointed non-executive chairman with a 10-percent stake in the team. Ross Brawn remains as the team principal. Paddy Lowe is expected to join the company next yer from McLaren, where he was technical director. Lowe is regarded as Brawn’s future successor.