Tony Fernandes will hand over the reigns at the Caterham F1 team after confirming he will shortly step down as team principal.
The Malaysian businessman, who started the team back in 2009 under Lotus Racing before buying Caterham Cars and renaming the team, had always intended to step aside once the team was established.
With news that Caterham will partner Renault to revive the Alpine brand, Fernandes says the time is now right to appoint a new team boss.
“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.
“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 team are yet to confirm who will take over, but Fernandes confirmed it is someone already working within the sport.
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