Nasser Hussain resigned as England one-day captain on Tuesday shortly after his side were knocked out of the World Cup.
He made the announcement at a news conference after his team's elimination was confirmed by Zimbabwe's abandoned Group A game against Pakistan.
"I believe it is in the best interests of the one-day side if I step down as captain," he said. "I would like to stress that I am keen to carry on as Test captain but that will be for other people to decide."
"I believe I don't warrant a place in the (one-day) side any more and it's time England moved on.
"The decision will enable us to find a couple of people who can replace us old ones in the side.
"This decision is about the one-day side and the future of English cricket. I also believe it is time for someone to come in and be a future captain."
England had looked set to qualify from Group A but were eliminated from the tournament when Zimbabwe earned two points when their game against Pakistan in Bulawayo was washed out.
A disillusioned Hussain, 34, said last month that he would review his future after the tournament.
He said he had lost faith in both England cricket chiefs and cricket's world governing body after his team decided to boycott their World Cup match in Zimbabwe over security concerns.
Hussain felt neither the International Cricket Council nor the England and Wales Cricket Board had taken his players' worries seriously enough.
"I am mentally and physically drained after this winter," he said. "I intend to have two months off and take myself off the selection panel. I hope this decision prolongs my career."
Hussain, who has played 81 Test matches, reiterated that he wanted to continue to lead England in Test cricket.
"I want to play 100 Tests and captain England in the Test arena for several years yet," he said. "I have thoroughly enjoyed my time in the job.
"My form in tests over the past couple of years has been very good.