Tony Fernandes will step down as team principal of Caterham F1 Team before the end of the season so he can focus more on developing his road car business.
The Malaysian was the team principal since it started as Team Lotus in 2010.
Last week, he finalised a major tie-up with the Renault group to produce new Alpine sportscars, Fernandes revealed that he and deputy chairman Dato’ Kamarudin Meranun have decided that the time is right to appoint a successor.
“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,” (interview with Autocar)
“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.”
It is not clear who Fernandes’ successor will be, but he revealed it would be someone already working in F1.
“I know who it will be – and can tell you that today as I had confirmation earlier,” he said.
“[But] I cannot tell you their name yet. All I can say is that they are from within F1.”
(Quotes from Autocar)