Mercedes team principal Ross Brawn is set to leave the team at the end of the year following changes to the management structure.
According to the BBC, Brawn revealed that the most important consideration in his decision to step down was to ensure the timing was right for the team in order to ensure its future success.
Executive directors Toto Wolff and Paddy Lowe will lead the team, whose drivers are 2008 world champion Lewis Hamilton and German Nico Rosberg, the report said.
The Englishman said organisational changes meant the team was uniquely positioned to succeed in 2014 and that he was proud to have helped lay the foundations for that success.
Mercedes had asked Brawn to stay on but he made it clear last month that he would only do so if he remained in sole charge of the team, the report added.
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