( CNN ) -- Toro Rosso have announced an all-new driver pairing for the 2012 Formula One season with Daniel Ricciardo and Jean-Eric Vergne replacing Sebastien Buemi and Jaime Alguersuari . Both new signings are part of the junior driver program at Toro Rosso 's owner and fellow constructor Red Bull , and both featured in practice sessions for their new team during 2011 . Australian Ricciardo also drove for Hispania Racing ( HRT ) in the second half of last season . The 22-year-old said he was delighted to secure his future in the sport . `` To be honest , I am still jumping up and down with excitement at the news , '' he told Toro Rosso 's official website . `` I ca n't wait to get to work once testing begins . Pit-lane pioneers : Women in Formula One . `` This is a really big deal for me and something I have wanted ever since I was driving for Toro Rosso on Friday mornings at the races in the first part of last season . '' Like Ricciardo , Vergne , from France , is a former winner of the British Formula 3 Championship . The 20-year-old said he was determined to repay the faith his team had shown in him . `` Christmas has come early for me this year ! Having driven for them a few times this year and also testing for Red Bull Racing in Abu Dhabi , I definitely feel ready to make the move , even if I know there is a big difference between testing and actually racing . `` I enjoyed working with the guys at Toro Rosso this year and I ca n't wait to be part of the team for real . Sitting on the grid in Melbourne next March can not come soon enough . '' Team principal Franz Tost defended the decision to replace Buemi and Alguersuari , saying his new duo had long been primed for their debut seasons with the team . Champion Vettel honored to be part of F1 history . `` I must also thank Sebastien Buemi and Jaime Alguersuari for all their hard work over the past three seasons . They have delivered some excellent performances which have helped the team move forward and develop . `` However , one has to remember that when Scuderia Toro Rosso was established in 2005 , it was done so with the intention of providing a first step into Formula 1 for the youngsters in the Red Bull Junior Driver programme . `` It is therefore part of the team 's culture to change its driver line-up from time to time in order to achieve this goal . '' Elsewhere , Team Lotus officially changed their name to Caterham F1 on Wednesday , with team principal Tony Fernandes eyeing improvements in the 2012 Formula One season . The UK-based outfit 's name change officially ends the dispute over the use of the Lotus name in F1 , with Renault set to race as Lotus next year . The marque have finished 10th out of 12 teams in each of the two seasons they have competed in since entering the sport in 2010 , but are yet to score a world championship point . `` The race team must improve and be a true showcase for our group of businesses , '' Fernandes said in a team press release . `` Yes , being in F1 implies that you are already ahead of the pack . However , ultimately we want to be leading that pack . It 's not going to happen overnight , but if we set realistic targets , then it 's something we will achieve . '' Elsewhere , Hispania Racing ( HRT ) announced the departure of team principal Colin Kolles after two seasons with the team . The Romanian joined the Spanish outfit for their F1 debut in 2010 , but has seen the team fail to register a point in the either of the last two seasons .
Daniel Ricciardo and Jean-Eric Vergne will drive for Toro Rosso in 2011 . The duo replace the 2012 pairing of Toro Rosso and Team Lotus . Team Lotus officially change their name to Team Lotus on Wednesday . Hispania Racing Team announce the departure of team principle Colin Kolles .