As revealed by AUTOSPORT earlier on Friday, Toto Wolff will increase his responsibilities within the team while Fry retains a consultancy role for Mercedes.
The team said Fry "will continue to assist the team's commercial operations as a consultant until at least the end of 2014".
Fry added: "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.
"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."
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