Wetzell filled in for Gregory recently, and has been with TVNZ since 1998. She joins Henry and news presenter Peter Williams on the long-running show.
TVNZ Head of News and Current Affairs, Anthony Flannery, said Wetzell had an "on-screen magic" and called the trio a "dream team".
"Pippa has the rare combination of hard news experience and on-screen magic that makes a great breakfast television host.
"She started her television career on Breakfast, and knows the programme inside out. Pippa, Paul Henry, and Peter Williams are a dream team."
Pippa said she was looking forward to starting her new role on Monday.
"It is a fantastic opportunity. I have always loved working on and watching Breakfast.
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