Although likely to be unconnected, with Lowe expected to show up at Williams after a period of 'gardening leave', the two exits provided further evidence of a major pre-season shake-up of the paddock landscape.
For the first time in 23 years, Formula One will start a season without a reigning world champion on the starting grid as a consequence of Nico Rosberg retiring five days after winning the title with Mercedes.
The German's replacement has yet to be announced.
McLaren had already parted company with their boss Ron Dennis, while engineering head Pat Symonds left Williams at the end of last year. The Manor team are meanwhile facing an uncertain future after going into administration this month.
Renault, who took over the failing Lotus team at the end of 2015 and finished ninth of 11 teams last year, said the split with Vasseur was by mutual consent.
"Both parties remain committed to maintaining the good working relationship they have enjoyed and expect this to take a new form sometime in the future," the French manufacturer said in a statement.
It promised more information when the 2017 car was unveiled on February 21.
