The EVO-STIK League Premier Division side saw manager Richard Thomas depart the club following Saturday’s home defeat to Workington, to take up a post in professional football.
Club chairman, Nigel Wedgwood, said: "We are extremely pleased to welcome Paul and Russ to the club. We are confident we can now start to build a strong and much more settled team that will begin to immediate change our fortunes going forward.
“Both will bring considerable non league experience at all levels and with a third of the season still to go there is still time to get back to winning ways.”
The pair previously managed together at Harrowby United in the United Counties League Premier Division.
Meanwhile, Grantham have confirmed the departure of long-serving coach Dennis Rhule.
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