The pair take over as joint managers with immediate effect, with interim coach Clive Walker handing over before the Greenwich Borough match on Saturday.
Danny, 43, played in the Championship for Millwall, and Leyton Orient in League Two, in a career that also took in spells under some of the most successful managers in Kent.
He enjoyed spells at Dover Athletic, Folkestone Invicta, Welling Utd, Hastings and Cray Wanderers among other before moving into coaching.
He then moved into coaching at Ebbsfleet Utd, with a spell as assistant manager at Braintree Town.
Phil played as centre-half at Salters Lane from 1988 to 1992 before spells at Herne Bay, Deal Town, Chatham Town and Slade Green.
He coached Chatham Town’s first team from 2005-7 and then joined up with Danny at Ebbsfleet, where the pair helped mastermind the club’s successful academy set-up.
Danny said: “We’re absolutely delighted to be given the chance to take the team forward.
“We’ve got ideas we want to implement. It’s a fantastic opportunity, the timing’s right, we know this level well and it’s great to have the chance to make a difference here.
“We’ve got to be fair to the players. We’re not going to come in and make wholesale changes. We’re going to look at things and see what we think it right and wrong, and go from there.
“We’re going to be open and honest and work as hard as we can, and we’re looking for the players to do the same, and hopefully it will come together.
“We want to breed home-grown players who can pull on a Faversham Town shirt and move this club forward and upwards.”
Phil said: “It’s an honour to manage my home town club, and the club I played for. It was a great opportunity that came up, and it’s no secret that this team mean a lot to me.
“Without getting too carried away, Danny and myself are ambitious, as are Faversham Town. We want to be part of helping the club to move forward on and off the pitch.
“Every player is going to be given the opportunity to show what they can do, that they want to be here and that they are as committed as we are.”
The pair were chosen from a number of strong candidates after a rigorous selection process following Ray Turner’s resignation.
Chairman Paul Bennett said: “I’m really pleased that Phil and Danny have agreed to take up roles as joint managers.
“I’m excited by their energy, positivity and dynamism. They have come here with a three-year plan which fits in with our philosophy as a club and are determined to make it work.
“They work very well together as a team and have plenty of experience between them at this level and higher, along with an understanding of the club itself.
“I also particularly like their commitment to youth. We believe they are the right team to take Faversham Town forward.”
A full video interview with the new managers will go online tomorrow morning.