Fernandes to step down as Caterham team principal 07 Nov 2012
Caterham team principal Tony Fernandes intends to leave the role at the end of this season in order to focus on the Caterham Groups road-car business, as well as his various other commercial interests.
Malaysian entrepreneur Fernandes, who has led the team since they joined the grid as Lotus in 2010 alongside fellow newcomers Marussia and HRT, always said he planned to step aside once the squad was established.
"On the racing side we have come to the conclusion that it is better if someone else takes over the team principal role to move forward," he told Autocar and Autosport magazines. "We are definitely better at business than finding tenths of seconds around a lap.
It was right for us to lead the team initially and set a template of how it should be. That vision is now set and the team is ready to move forward to the midfield."
The news follows the announcement earlier this week of a collaboration between the Caterham Group and their F1 engine suppliers Renault, which will see the two companies work together on a new range of road-going sportscars, reviving the famous Alpine brand.
Fernandes revealed that his Formula One successor has already been confirmed and will be announced at a later date. All I can say is that they are from within F1, he added.
Caterham finished tenth in their first two seasons of F1 competition, ahead of Marussia and HRT. With two rounds of 2012 remaining they lie 11th in the table behind Marussia.
For tickets and travel to 2012 FORMULA 1 races, click here.
For FORMULA 1 and F1 team merchandise, click here.