'Fernandes to step down as Caterham Team Principal'
6 November 2012 – Tony Fernandes is to resign as Team Principal of the Caterham F1 team, Autosport and Autocar have revealed in a joint exclusive article. The Malaysian entrepreneur, founder of the AirAsia airline, introduced the team at the start of the 2010 season.
Originally known as Lotus Racing, the squad became Team Lotus last year but was soon embroiled in a naming row with Group Lotus, with the name eventually being transferred to the F1 team formerly known as Renault. Fernandes duly purchased Caterham Cars.
“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 said. “We are definitely better at business than finding tenths of seconds around a lap.
“It was right for us (Fernandes’ Tune Group) 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.”
He went on to reveal that a successor has already been established:
“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.”