Ross Brawn will step down from his position as team principal at the Mercedes F1 team at the end of 2013, it has been announced.

"Following an extended period of open discussion between the team's key stakeholders, Ross has chosen to hand over the team leadership to executive director (business) Toto Wolff and executive director (technical) Paddy Lowe," read a statement from the Brackley-based outfit.

The confirmation is not particularly unexpected and there has been speculation about his role with squad ever since the arrival of Lowe from McLaren at the start of the year.

Brawn, who will formally leave the team on 31st December 2013, commented: "The most important consideration in my decision to step down from the role as team principal was to ensure that the timing was right for the team in order to ensure its future success.

"The succession planning process that we have implemented during this year means we are now ready to conduct the transition from my current responsibilities to a new leadership team composed of Toto and Paddy.

"Mercedes-Benz has invested significantly in both the personnel and infrastructure at Brackley and Brixworth. Thanks to the one-team approach we have implemented between the two facilities, the team is uniquely positioned to succeed in 2014 and I am proud to have helped lay the foundations for that success.

"However, 2014 will mark the beginning of a new era in the sport. We therefore felt this was the right time to simultaneously begin a new era of team management to ensure that the organisation is in the strongest possible competitive position for the years to come.

"We can take pride not just in our on-track achievements but also in the organisation we have built at Brackley. In its different guises over the past six seasons, this team has delivered some of the most memorable moments of my career. Our second place in this season's Constructors' Championship is an important milestone on the road to championship success.

"I am confident that the future will hold just as much success for the team and will take real pride in having played my own part in those achievements."

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