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Tony Fernandes confirms Caterham exit
Tony Fernandes has confirmed he is to step down as team principal of Caterham.
The Malaysian, who is also chairman of Premier League football side Queens Park Rangers, feels he has taken the team as far as he can and that the time is right for some fresh input.
"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," Fernandes told 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."
Fernandes said he had agreed on the appointment of his successor, but was not ready to divulge the person's name. "I know who it will be - and can tell you that today as I had confirmation earlier. I cannot tell you their name yet. All I can say is that they are from within F1."
Fernandes came into F1 in 2010 with his Lotus team which made headlines as much for an ongoing dispute over naming rights. It became Team Lotus in 2011 and then Caterham for the current season. His team has yet to score a point although in the first two years it was the best of the three newcomers who all arrived in 2010. However, this year it has been outperformed by Marussia.