Mercedes have announced that chief executive Nick Fry will step down from his duties with the team at the end of the month.

Fry, who has been with the Formula 1 team since 2002, will remain within the commercial operations as a consultant until the end of next year.

"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."

Executive director Toto Wolff will now expand his role alongside team principal Ross Brawn.