Mercedes has brought in Toto Wolff from Formula One rival Williams to invest in the racing team and take control of its motorsport operation.

Mercedes said in a statement on Monday that Wolff is buying what it called a "significant minority interest" in its F1 subsidiary and becoming an executive director. The Austrian will retain a stake in Williams but will no longer be a director there.

Wolff appears to be filling the role at Mercedes vacated by motorsports chief Norbert Haug, who stepped down last month after more than 22 years in the post.

Wolff joins a management team that includes team principal Ross Brawn and non-executive chairman Niki Lauda.

Mercedes' drivers for the 2013 championship are newcomer Lewis Hamilton and Nico Rosberg.