Mercedes' chairman of the board of management Dieter Zetsche has every confidence that Toto Wolff and Paddy Lowe can successfully lead the team.
With Ross Brawn stepping down from his role as team principal at the end of this season, Wolff and Lowe will now take the reins.
Wolff's position will see him in charge of the business side while Lowe will deal with the sporting and technical needs of the team.
"Last winter, we restructured the management of our Formula One activities, with the support of Niki Lauda," Zetsche explained.
"The first step was to convince Toto Wolff to join us to run our Mercedes-Benz motorsport activities and our Formula One company. The second step was the recruitment of Paddy Lowe during 2013.
"This gave us a clear succession plan for the time when Ross decided to step down from his current role, and that time has now come.
"I have every confidence that Toto and Paddy will build on Ross' good work and that they possess exactly the balance of skills required to lead our team to World Championship success."
The German took the time to thank Brawn for his efforts since Mercedes purchased the team back in 2010 and wished him well for the future.
"I would like to personally thank Ross for the calm authority with which he has led our works team since 2010, for his crucial contribution to our team's development and also for the undoubted share he will have in our future success.
"It has been a pleasure working with him over the past four years and I extend all my very best wishes to him for the future."