Mercedes has announced that Chief Executive Officer Nick Fry will stand down from his role at the start of next month.
Fry will continue with the team as a consultant until at least the end of 2014.
“I feel very privileged to have had the opportunity to work with our team for the last 11 years and remain extremely proud of the fact that we took the team to its first race win and especially the double World Championship in 2009,” said Fry.
“Equally important is the success of our commercial activities as we have managed to gain the support of some of the most important companies in the world, thereby building a strong foundation for the future success of the team.”
“I believe that Mercedes offers the best sponsorship proposition in Formula One and I look forward to continuing to assist the team and its partners over the coming years.”
New Executive director Toto Wolff will take a greater role in the day-to-day running of the team alongside Team Principal Ross Brawn, assuming the areas of responsibility previously held by Fry.