Mercedes has confirmed that Toto Wolff has become a new shareholder and executive director of the team.
Mercedes has also confirmed that Niki Lauda, also acquires a stake in the team.
A statement released says 'Together with Ross Brawn, Lauda and Wolff will complete the management of the Mercedes-Benz Formula 1 racing team.'
"As an entrepreneur, investor and motorsport manager, Toto Wolff has proven that this sport runs in his blood; at the same time, he is also well aware of the economic necessities of the business," said Dr. Dieter Zetsche, Head of Mercedes-Benz Cars and Chairman of the Board of Management of Daimler AG.
"With Toto Wolff, we have gained for our Formula 1 team not only an experienced motorsport specialist, but also a longstanding enthusiast of the Mercedes-Benz brand. Together with him and Niki Lauda, we will further develop our motorsport activities and guide our Silver Arrows into the next era."
Wolff adds that he is relishing his new role with Mercedes.
"Mercedes is one of the most important participants in motorsport worldwide. I am not only a big fan, but also a longstanding friend and enthusiast of the brand. 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."
Wolff leaves Williams in order to take on his role with Mercedes.
"I am leaving Williams on good terms and I will miss the team and friends I have made there. I'd also like to wish Frank and the whole of Williams the best of luck for the future."