Reigning Formula 1 Constructors champion Mercedes-AMG F1 Petronas will continue to be led by Toto Wolff and Niki Lauda. According to the racing team, both Wolff and Lauda have signed new contracts which will keep them with Mercedes-AMG Petronas until the year 2020.

Wolff first joined the team back in February 2013. He serves as the team's executive director and is a 30-percent shareholder in Mercedes-Benz Grand Prix Ltd. Before that, he used to be the team's managing partner which conducted the day-to-day business operations, alongside his duties as head of Mercedes-Benz Team motorsport.

Wolff is hopeful that they can continue winning podiums in the 2017 season with their well-trained team.

“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. Each day I come to the factory, I am humbled to have the privilege of representing this inspiring group of people,” said Wolff.

Formula 1 legend Niki Lauda, on the other hand, began working with the team in late 2012. He is currently the non-executive chairman of the board of Mercedes-Benz Grand Prix Ltd and holds a 10-percent stake in the team.

Personally, Niki Lauda is pleased with the partnership he has with Wolff and described his recent years with the team as some of the most enjoyable.

“The last few years have been some of the most enjoyable I have had in Formula One. 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,” said Lauda.

“It’s great news that Toto and Niki have extended their agreements. 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 programme important continuity for the next four years,” said Dr. Dieter Zetsche, chairman and CEO of Daimler AG.