Bernie Ecclestone will no longer be the top dog in F1 after the Liberty Media takeover
Liberty Media completed a £6billion takeover of the sport on Monday and removed Ecclestone from his role as chief executive.
They have replaced him with Chase Carey, a former vice-chairman of 21st Century Fox, while the 86-year-old has been moved sideways into an advisory role.
"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with," said Ecclestone.
Bernie Ecclestone has been in charge of F1 for nearly 40 years
And Rosberg, who retired last month after winning his maiden F1 world title ahead of team-mate Lewis Hamilton, believes that the sport can only benefit from a change in personnel.
"Bernie, mega job! But a change has been overdue," Rosberg said on Twitter.
"Mr. Carey, all the best in making our sport awesome again."
Nico Rosberg retired as F1 world champion
Rosberg and Ecclestone endured a frosty end to their relationship in F1.
The former executive, who has been in charge one way or another for nearly 40 years, claimed that the German's unspectacular driving was "bad for business".
But neither man will now play a prominent role in the future of motorsport's most glamorous arm.
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Ross Brawn, formerly of the Mercedes and Ferrari pit-walls, will play a prominent role after three years out of the sport.
He will now move into the job of motorsport managing director which will see him work closely with F1 teams.