Together with team principal Ross Brawn, they will complete a new management line-up for the German carmaker's F1 squad, according to the Formula 1 website.
Wolff, whose Williams departure was announced earlier Monday, will acquire a "significant minority interest" in the team, which he will head up in his role as executive director of owners Mercedes-Benz Grand Prix Ltd. and will take over the complete coordination of all Mercedes-Benz motorsport activities, the role formerly filled by Norbert Haug.
Wolff sees his new task as one of the most exciting challenges in motorsport.
"Mercedes is one of the most important participants in motorsport worldwide. I am looking forward to the challenge and, along with preparing for a successful racing season, also want to focus on the targeted promotion of new talent," said Wolff.
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