Alastair Cook has been named England One Day International captain while Stuart Broad is the new skipper of the Twenty20 team.
Andrew Strauss and Paul Collingwood have stepped down as captains of the ODI and T20 sides respectively.
Strauss has retired from the ODI format while Collingwood, who is retired from Test cricket, will fight to retain his place in both limited overs teams.
Double Ashes winning skipper Strauss will stay on as Test skipper, meaning England have a different captain in each form of the game.
Cook has not played an ODI since March 2010, in Bangladesh, when he captained the side in the Tests and ODIs the absence of Strauss.
Broad, 24, was part of England’s T20 side who lifted the ICC World T20 trophy under Collingwood in the Caribbean in 2010.
He has often been praised for his astute tactical knowledge and England’s management will be keen to see how he fares while leading the side.
Team Manager Andy Flower, who has signed a permanent deal with the ECB, admitted he wasn't sure if the new system would work, but thinks using three captains could be the best use of England's resources.
Flower said:"It’s never been tried before so we’re excited by the opportunity this provides us. I don’t think any side has had three separate captains - it’s covering new ground - and for us that’s exciting.
"We don’t know 100% whether it will work and be the most efficient system but we’re going to give it a try.
"With the quality of people we have around us we form a good leadership team.
Strauss admitted the decision to stand down as ODI captain had been a difficult one, but hopes his move would give England and Cook a "blank canvas" to prepare for the 2015 World Cup.
"Ultimately the decision was made because the end of the World Cup is a watershed for all one day teams, not just England, and is a time to refresh and regenerate and move forward in the one-day side.
"I didn’t think that for me to start that process, knowing full well I wouldn’t be able to see it through to the next World Cup, was in the best interests of the England cricket team.
"This gives Alastair a blank canvas from which to work with Andy Flower to take the team forward and allows me to work with the Test team.
However, Middlesex opener Strauss reiterated his desire to lead England to the top of the world Test rankings - starting against India and Sri Lanka this summer.
"I’ve still got a huge amount of pride and desire to take the Test team forward." said Strauss
"I think there is no reason why I can’t work alongside Alastair and Stuart in mapping out the team’s future in all forms of the game.
"I’m looking first to the challenge this summer in India and Sri Lanka - two fine Test playing teams then onto two Ashes series.
"You don’t know what’s around the corner but that’s my intention."