Head of Mercedes Motorsport Norbert Haug has revealed his decision to leave his position at the company at the end of the year.

The 60-year-old has been in the position for more than 22 years but his contract, which comes to an end in 2012, will not be renewed "by mutual consent", according to the company.

Haug admitted that the lack of success in Formula 1 was a disappointment, but was thankful for the time he spent at Mercedes.

"I would like to thank the best car company in the world for more than 22 years, which never had a single moment without passion for me," Sky Sports News quotes Haug as saying.

"I particularly wish to thank the board for the trust and freedom they have always given me with all my activities. Since 1991, we had tremendous achievements and wins, for which I want to thank all of my colleagues.

"Unfortunately, with one victory in 2012 since founding our own Formula 1 works team in 2010, we couldn't fulfil our own expectations. However, we have taken the right steps to be successful in the future. Our team and our drivers will do everything to achieve these goals."

Lewis Hamilton has agreed a contract to drive for the team next season.