Russell Coutts and Brad Butterworth won't be sailing for Team New Zealand in the next America's Cup defence.
The resignations were announced at a news conference in Auckland this afternoon.
Butterworth was present but refused to answer questions from the media. Russell Coutts is overseas.
New trustee Ralph Norris says the loss of experienced sailors of the calibre of Coutts and Butterworth is regrettable.
But he says he's confident that New Zealand has enough talent to mount another successful defence in 2003.
The conference also announced that Tom Schnackenberg and Dean Barker will be the new heads of the Trust.
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Coutts, Butterworth quit Team NZ
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