Fernandes to quit Caterham role
Tony Fernandes is to relinquish his role as team principal of Caterham by the end of the season.
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Fernandes, along with deputy team principal Dato Kamarudin Meranun, are to bring in someone with greater experience of how a Formula One team should operate.
As owner of budget airline AirAsia, Caterham road cars and chairman of Barclays Premier League club QPR, amongst other business interests, Fernandes feels the time is right to appoint a successor for Caterham F1.
When the Malaysian entrepreneur first entered F1 at the start of the 2010 season with Lotus Racing, renamed as Team Lotus for 2011 and Caterham this season given a naming rights issue, he made it clear at the time he would only remain at the helm for a short period in order to establish the team.
With that target now achieved, although the team are still to score a point in F1, Fernandes has decided to place Caterham in more experienced hands with regards to helping them progress up the grid.
"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," said Fernandes in a joint interview with Autosport and 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 has already found his successor, but is not yet ready to divulge their identity.
He added: "I know who it will be, and can tell you that as I had confirmation earlier, but I cannot tell you their name yet. All I can say is they are from within F1."