Nick Fry to step down as CEO of Mercedes

Sepang: The Mercedes Formula One team on Friday announced that their CEO Nick Fry will step down from his position at the beginning of April. Fry, however, will continue to assist the team's commercial operations as a consultant until at least the end of 2014, said a team statement.

Toto Wolff, Mercedes new executive director and 30 per cent shareholder, will now take a greater role in the day-to-day running of the team alongside team principal Ross Brawn, assuming the areas of responsibility previously held by Nick, the release added.

"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," said Fry.

Fry, however, will continue to assist the team\'s commercial operations as a consultant until at least the end of 2014.

"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."

Toto Wolff said: "I would like to thank Nick for more than ten years of service to the team in Brackley."

(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)