Eric Boullier has parted ways with Lotus with immediate effect with Gerard Lopez taking the reigns for the 2014 season.
In a shock move, the team confirmed on Friday morning that Boullier would no longer be with the team.
The Frenchman had led Lotus since January 2010 and helped the team secure fourth place in last year's Constructors' Championship.
"Lotus F1 Team has never stood still and we head into what promises to be an exciting 2014 season with an innovative new car, new partners and a new management structure at Enstone," said Lopez.
"Great things have been achieved over the past years and we need to continue this momentum.
"With this in mind, we are proud to announce that we have concluded an agreement with YotaPhone and its shareholders. YotaPhone shareholders will become important partners to Genii and YotaPhone a sponsor to the Lotus F1 team this year.
"We thank Eric for all his hard work over the past four years and we are confident we can continue to fight as one of the top teams in Formula 1 over the seasons ahead."
Lopez is now the new team principal with the team revealing that he "combine his position on the board with the role of Team Principal with immediate effect."
Meanwhile, Boullier has been linked to Martin Whitmarsh's job as McLaren team boss.
According to Autosport, the Frenchman is "now favourite to land the job at McLaren."