Toto Wolff is the CEO and team principal of the Mercedes-AMG Petronas Formula 1 racing team, which includes drivers George Russell and Lewis Hamilton.
In a recent interview, Wolff shared tips on managing superstars and for long-term success.
What Happened: Wolff leads one of the top Formula 1 teams during a time when the sport has seen explosive growth in certain countries, including the U.S.
In a recent interview, Wolff said team culture for a Formula 1 racing team is similar to the “immune system” of a company.
Two values that guide Wolff in his leadership position are honesty and loyalty.
“I will give up world championship any day of the week, in order to keep my integrity,” Wolff said, as reported by CNBC. “I think that that is how we operate.”
Wolff who sees his team compete in the Liberty Formula One Group FWONAFWONK-owned racing league said it's important not to sacrifice principles for a win-at-all-cost mentality.
“We need to have a degree of loyalty and integrity. And if you’re not, your success is going to be short-lived.”
Another important trait, which Wolff said he shared with Hamilton was to always be learning and seeking to improve.
“On track, in the car and off track, he’s somebody that seeks personal improvement every day. Never stop learning.”
Related Link: Ford Is Returning To Formula 1: Here Are The Details
Managing A Team Like A Business: Wolff said when it comes to being the CEO of a business or team, it’s important to resolve situations.
“I’m responsible for hiring and development, and developing the right people. So I should be empowering,” Wolff said.
Wolff added that in many cases it’s not a person who failed.
“In most cases, it’s the process that has failed, not the person. And I think that is very important to actually remind yourself.”
Wolff also said it is hard for CEOs and bosses not to be control freaks but sometimes the best thing to do is not get involved with every piece of the business.
“It’s also an experience of mine that people that run organizations are in a way control freaks, it’s very difficult to let go.”
With popular drivers like Hamilton and Russell, Wolff also said it's important to interact with all employees and not just the stars.
“I make no difference between the driver and every other employee in the company. And if you’re able to channel that in the right way, you have an organization and a successful team.”
Read Next: ESPN Beats Out Amazon, Comcast And Netflix For Formula 1 Rights: Here Are The Details
This story is part of a new series of features on the subject of success, Benzinga Inspire.
Photo: Shutterstock
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