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Fry steps down as Mercedes CEO
Mercedes CEO Nick Fry will leave his role at the beginning of April as Toto Wolff takes on more responsibility within the team.
Fry has worked for the team for 11 years under its previous guises of BAR, Honda and Brawn. With Mercedes recruiting Toto Wolff from Williams at the start of this season, Wolff will assume the extra responsibilities working alongside Ross Brawn while Fry is retained by the team as a consultant on its commercial operations until at least the end of 2014.
"I feel very privileged to have had the opportunity to work with our team for the last 11 years and remain extremely proud of the fact that we took the team to its first race win and especially the double World Championship in 2009," Fry said.
"Equally important is the success of our commercial activities as we have managed to gain the support of some of the most important companies in the world, thereby building a strong foundation for the future success of the team. I believe that Mercedes AMG Petronas offers the best sponsorship proposition in Formula One and I look forward to continuing to assist the team and its partners over the coming years."
Wolff paid tribute to Fry for his commitment to the team and said he will still have an important role to play on the commercial side.
"I would like to thank Nick for more than ten years of service to the team in Brackley," Wolff said. "Mercedes AMG Petronas enjoys a strong network of global, blue-chip partners who want to be associated with Mercedes-Benz in Formula One and we will work hard to retain our loyal partners while also attracting new names to the sport in the future. I am pleased that Nick will remain close to the team to support us in achieving these targets."