Toto Wolff signed a three-year contract to remain as team principal and chief executive of Formula One outfit Mercedes on Monday.
The Austrian, who owns a one-third share of the Formula One team, announced the new agreement following a meeting with fellow shareholders INEOS and Mercedes-Benz.
Wolff has overseen the day-to-day running of the operation since 2013.
The 52-year-old guided Mercedes to eight successive Constructors' Championships from 2014-21.
Mercedes finished as runners-up behind Red Bull in 2023 and their star man Lewis Hamilton came third in the drivers' championship last term.
"At the end of the day, as a shareholder myself, I want the best return on investment. And the best return on investment is winning," Wolff told the Daily Telegraph on Monday.
"I'm not going to try to hang on to a position that I think somebody is going to do better than me.
"I make sure that I have people around who can tell me otherwise. In the end the three of us decided: 'Let's do it again'.
"The risk for me is always more bore-out than burnout. And that's why I embrace the challenges we have today, even though they sometimes feel very, very difficult to manage."
The announcement ends speculation over Wolff's future in the team principal role.
It comes as the team confirmed on Monday they will unveil their new car for 2024, which will be driven by Hamilton and George Russell, at Silverstone on February 14.
Agence France-Presse