Former Magpies premiership captain Nick Maxwell and long-serving football manager Marcus Wagner had been sharing the role since Walsh's departure,but Wright brings great experience and success to the position,as the Magpies look to reset their list under Nathan Buckley,who is out of contract at the end of the year.
The timing of decision comes as a surprise but it will be well received by a Collingwood supporter base bruised by a shambolic trade period that saw Adam Treloar,Jaidyn Stephenson and Tom Phillips depart the club,with Phillips coincidentally joining the Hawks.
Wright rose through the ranks at the Hawks to become football manager in 2018 after earning a great reputation as the club's list manager when they won three consecutive premierships under Alastair Clarkson between 2013-2015.
He has a strong track record in contracting players,which will be useful to the Magpies who found themselves in salary cap trouble at the end of 2020.
The Hawks are in a rebuild phase under Clarkson,who is contracted until the end of 2022,but they are struggling to gain traction with their list unbalanced and few young players emerging.
Hawthorn CEO Justin Reeves said the club respected the 52-year-old's decision with sources saying they had been made aware before Christmas that he was leaving the Hawks.