“That position is a thing of the past," said the Austrian, who has shared executive responsibilities at the Mercedes team with Paddy Lowe since the departure of former team principal Ross Brawn at the end of last year.
While Wolff takes care of business, Lowe oversees the technical side.
“You don’t have the equivalent of a team principal in any other sport, let alone companies," Wolff told the official F1 website on Friday, saying the role was a legacy of the past.
“Look at football: you have a trainer, then you have a team manager and then you have the man who is looking after the commercial side.
“That team principal position comes from the team founders – those iconic men who founded the teams: Frank Williams, Ken Tyrrell and even Ron Dennis, who were running every aspect of their teams."