Daimler chairman Ola Källenius has hailed Toto Wolff's commitment to Mercedes for the next three years as "incredibly important" and "reassuring".
Mercedes announced on Friday that Wolff would be remaining on board as team principal and CEO through to the end of 2023, even though the Austrian had previously suggested he was ready to dilute his role and spend more time with his family.
Wolff's decision not only guarantees stability within the team but is almost certain to result in Lewis Hamilton signing a new deal as the seven-time champion had stated whatever his boss opted for would likely have a bearing.
Asked as to how important it was to secure Wolff's future, Källenius said: "That's incredibly important.
"What Toto and the team have achieved over the last 10 years or so is unbelievable - seven world championships, Lewis Hamilton's seventh world championship this season.
"So to have him [Wolff] on board and continuing with us is reassuring. He's not just our team boss and a business partner, he is part of the Mercedes family."
Daimler also revealed it was diluting its shareholding and becoming an equal partner in the F1 team alongside Wolff and INEOS, the British multi-nationals chemicals company run by billionaire entrepreneur Sir Jim Ratcliffe.
Despite that, Källenius has insisted Mercedes' commitment to F1 remains strong. He said: "We are now taking our Formula 1 engagement to the next level.
"It's really turning into a sports franchise, and we want to build the value of this franchise into an even bigger fan base.
"INEOS is the perfect partner for us. It's a technology company, they are passionate about innovation, so are we.
"They are engaged in other sports at the highest level, so they understand this world of being in the top echelon of sports, and that's why they are a perfect partner for us."
As for Mercedes, he added: "The Mercedes brand was born on the race track, so it's in our DNA. We live and breathe motorsports, so we're in for the long term.
"Formula 1, being the highest form of motorsport, is where we need to be, so our commitment to the sport is strong, and with this partnership with INEOS we can develop it even further."
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