Is this correct..?

The plural form of Mr. is Messrs., so you would write: "Messrs. A and B have been retained as team manager and team coordinator respectively." Your sentence is fine, once you use the correct plural form for Mr.

Many people might not recognize the plural form of Mr. To avoid that problem, you could write: "Mr. A and Mr. B have been retained as team manager and team coordinator respectively." I would advise not using the ampersand ("&") in a formal, written sentence. A trend in written style over the last few decades, in American usage at least, is not to capitalize the words in a job title.

Noted and Thank you for your assistance