Shai Hope will take over as West Indies one-day captain while Rovman Powell will lead the side in Twenty20 Internationals, Cricket West Indies (CWI) said.
Nicholas Pooran, who had captained both white-ball teams, stepped down in November after West Indies' first-round exit from the T20 World Cup in Australia.
The new captains will begin their tenures next month in the limited-overs leg of their South Africa tour, which also features two Tests .Kraigg Brathwaite remains captain of the Test side.
"It is a tremendous honour and privilege to be appointed captain of any West Indies team," wicketkeeper-batter Hope said in a CWI statement on Wednesday.
"To lead a team that is of such incredible significance not only to myself and my teammates but to our legion of fans the world over, is something one dreams of as a child."
West Indies lag well behind seventh-placed Afghanistan in the Super League standings and will have to go through qualifiers in Zimbabwe in June-July if they are to make this year's ODI World Cup in India.
West Indies are assured of their place at next year's T20 World Cup as they co-host the tournament with the United States.
"To be asked to carry the flag for the people of the Caribbean, theres no bigger role in cricket in the region ..." all-rounder Powell said."I'm a passionate cricketer who believes in leading from the front and always giving 100 per cent."