Panthers owner Ged Rathbone believes the time is right for a change of captaincy.
Rathbone feels Danish racer Ulrich Ostergaard will benefit from focusing on his own performances during 2018 after a four-year stint in the role.
He reckons Simon Lambert is the natural successor for the new campaign and expects him to excel in the role.
Rathbone said: “We feel Ulrich is at a stage of his career where he needs to concentrate on his own riding after being captain for four seasons.
“It’s time to give someone else an opportunity and we feel it will benefit Ulrich and the team as a whole.
“Simon is a great character in the pits. He always has plenty to say and has the makings of a very good captain.
“He’s very settled at Peterborough. He loves riding for his local club, we have a good working relationship and we feel that being captain is the natural progression for him.
“Simon was thrilled to even be considered – let alone be handed the captaincy.”
Lambert has previous captaincy experience at Boston in the third tier of the sport. He also skippered Sheffield for a couple of meetings in 2011 and stood in for Panthers towards the end of the 2015 season when Ostergaard was injured.