8th November, 2012
Malaysian aviation entrepreneur Tony Fernandes is planning to step down as principal of the Caterham Formula One team this year and has already identified a successor from within the sport.
The AirAsia airline boss, who announced a deal between Caterham and Renault that will revive the Alpine sportscar brand, told Autosport and Autocar magazines that he would now hand over his F1 duties.
“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 said.
“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.”