Alastair Cook has been named England's one-day international captain following the resignation of Andrew Strauss.
Cook, 26, has played in only three ODI games since November 2008, leading England's victorious tour of Bangladesh in 2010 when Strauss was rested.
Strauss, 34, who has also announced his retirement from one-day internationals, will continue as Test skipper.
Stuart Broad, 24, replaces Paul Collingwood as captain of England's Twenty20 side.
It is the first time that a nation's Test, ODI and Twenty20 teams will be led by different captains and England team director Andy Flower is buoyed by the prospect.
"It has never been tried before so I am excited by the opportunity it provides us with," he said.
"We don't know 100% whether it will work and be the most efficient system but we're going to give it a try."
Strauss's decision to step down as captain was not unexpected after England's disappointing showing in the recent World Cup in India.
The Middlesex opener was arguably England's best batsman in the tournament, highlighted by his ODI career-best 158 in the thrilling tied match with eventual winners India, but his side bowed out in the quarter-finals following a 10-wicket defeat at the hands of Sri Lanka.
"The end of the World Cup was a watershed for all teams, not just England and it is time to refresh, regenerate and move forward," said Strauss.
"I've enjoyed my time as England one-day captain immensely and I'm extremely proud of the strides we've made in limited overs cricket over the past two years.
"In my mind, me starting the process towards the next World Cup and not seeing it through was not in the best interests of the team.
Strauss stressed that he remained committed to the Test team though, adding: "I still have a huge amount of drive and determination to take the Test team forward.
"Retiring from one-day cricket will also enable me to focus solely on the Test captaincy as we strive to be the top ranked team in world cricket.
"I certainly hope to be around to contest the [next] two Ashes series [in 2013 and during the winter of 2013-14]."
Essex opener Cook, the Test vice-captain, was the outstanding batsman during the winter's Ashes success in Australia when he scored 766 runs in the series, but he was not included in the squad for the subsequent one-day series against Australia or the World Cup.
Despite having played 65 Tests since his debut in 2006, the Essex opener has only featured in 26 ODIs (scoring one century, against India in 2007) and four Twenty20 internationals.
However, he impressed as stand-in skipper in Bangladesh last year, scoring 64, 60 and 32 to help win the one-day international series 3-0 and he hit centuries in both Tests to guide England to a 2-0 victory.
"It is a huge honour and privilege and I'm excited by the challenge," said Cook.
"I'm quite inexperienced as a captain but that gives me a huge potential to learn.
"I know Andy Flower from Essex and we started something in Bangladesh as captain and coach and I look forward to that continuing and hopefully we can make some strides."
Cook will captain England in five one-day internationals against Sri Lanka, starting on 28 June at The Oval before taking on India in five more matches in September.
Broad meanwhile, will have one Twenty20 game against each opponent this summer.
The Nottinghamshire seamer said: "There is not a huge amount of T20 cricket until the World Cup in 2013 but I'm hugely excited to be leading a talented group of players.
"I'm also lucky to be supported by three gents here [Flower, Strauss and Cook].
"This is my first captaincy role but I've played under talented captains and learnt from every one."
Broad succeeds Durham all-rounder Collingwood, who guided England to a seven-wicket victory over Australia in the ICC World Twenty20 final in the Caribbean last May.
"It's been a privilege to captain my country and I will look back fondly on my time as Twenty20 skipper," said the 34-year-old who remains available to play limited overs cricket.
"The highlight of my time as captain is clearly last year's World Twenty20 title but there have been many achievements to be proud of."