The Briton, who started his F1 career at Williams in 1987, also joins the board of directors and will run the business with deputy principal Claire Williams and chief executive Mike O’Driscoll.
“This is a game changer for us and once again makes us extremely excited about this team’s future,” said Claire Williams.
“Paddy will also join the company’s Board of Directors and take a shareholding in the company, underlining his passion and commitment to working with Claire Williams and Mike O’Driscoll to drive the Williams Group forward.” Williams confirmed.
Paddy had been on ‘gardening leave’ from the champions Mercedes, who have already replaced him with former Ferrari technical director James Allison.
“I‘ve always had a deep respect for Williams – my first team in Formula One. It is a huge honor to return in this leadership position and to have the opportunity to become a shareholder,” Lowe said.
“I am extremely motivated to play my part in bringing success back to the team. The vision for the future set out by the Williams Board is powerful and has compelled me to join an organization committed to building on its unique legacy and to reaching the pinnacle of Formula 1 once again.
“I’m looking forward to this exciting new phase to my career working with Claire, Mike and Nick and with the rest of this great team – especially Frank [Williams] himself, who is one of the most committed ‘racers’ I know!”
“I am delighted that the team is welcoming Paddy back to Williams in the role of Chief Technical Officer,” deputy team chief Claire Williams added.
“Having someone of Paddy’s calibre and engineering competence is not only a morale boost for everyone at Williams, but I know it will also significantly support our efforts to return this team back to the front of the grid.
“Our ambitions at Williams are unwavering, we want to win races and championships, but to do that you need the best talent in the business. In Paddy we believe we have just that as well as a leader who will drive change.
“This is a game changer for us and once again makes us extremely excited about this team’s future.”