CEO Nick Fry to leave Mercedes F1 team

The Briton, who has been with the former BAR and Brawn team for the past 11 years, will remain as a consultant but with many of his duties taken over by 30 percent shareholder and new executive director Toto Wolff, who joined from Williams in January.

"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," Fry said in a statement on Friday..

Mercedes have signed former world champion Lewis Hamilton, perhaps the quickest driver in Formula One. McLaren's technical director Paddy Lowe is also poised to jump ship to the German marque, according to British media reports.

Mercedes, who have long trailed front-runners Red Bull, Ferrari and McLaren, have made an encouraging start to the season with Hamilton finishing fifth at last week's Australian Grand Prix.

Jenson Button was world champion in 2009 for Brawn, who also won the constructors' title that year. The team was taken over and rebranded as Mercedes for the 2010 season.