The pair will report to Alex Grieve and Adrian Rossi, who were named the executive creative directors in November 2013.
Jones and Loraine joined AMV in 2008 and became creative partners in 2010. They will remain the creative directors on the Department for Transport, Mercedes-Benz, the Metropolitan Police and Doritos.
The duo’s most acclaimed work includes the "choose a different ending" YouTube campaign for the Metropolitan Police, which won a Grand Prix and three gold Lions at Cannes in 2010, and the 2005 "singin’ in the rain" TV spot for Volkswagen, created when they were at DDB.
Jones and Loraine were also responsible for AMV’s "invisible bottle" ad for Heinz last year.
Grieve and Rossi said: "Great blokes, great creatives, great leaders."
The promotions follow a restructure of AMV’s creative department, which is led by the former executive creative director Paul Brazier. He was promoted to chief creative officer and chairman when Rossi and Grieve became the executive creative directors.
Jones and Loraine began their careers at Delaney Fletcher Slaymaker Delaney (now DLKW Lowe) in 1990. They have since worked at Grey London, Euro RSCG (now Havas Worldwide), Leo Burnett, DDB and Rainey Kelly Campbell Roalfe/Y&R.
Jones and Loraine said: "AMV’s work is already strong. We will be working with Alex and Adrian and the department to make it even more so."