Caterham 'restructures', confirms redundancies
17 July 2014 – The Caterham F1 Team has announced a number of redundancies as part of a 'restructuring' made by the new owners.
The Leafield-based team was sold to a 'consortium of Swiss and Middle Eastern investors' earlier this month ahead of the British Grand Prix with Christijan Albers installed to take over the day-to-day running, while former F1 Team Principal Colin Kolles was brought in as an advisor.
Kolles warned recently there would be changes to ensure the team survived and now the first steps have been made to cut costs.
The news comes following unconfirmed reports on Thursday that around 30-50 people had been laid off, including, according to BBC Sport, Deputy Technical Director Jody Eggington and Head of Track Operations Gerry Hughes. The team had employed around 350 people.
"Following the first steps of restructuring, Caterham F1 Team has confirmed today that a number of new appointments have been made," read the statement to the media.
"Christijan Albers is now Team Principal, supported by Manfredi Ravetto, General Manager and Deputy Team Principal.
"Simon Shinkins has also joined the team as COO, as well as Miodrag Kotur who is now Team Manager. Michael Willmer is the team's new Director of Legal Affairs and Gianluca Pisanello is promoted to Head of Trackside Engineering.
"Finally, John Iley is now the team's Technical Director, leading the work being done to improve the 2014 car and the 2015 new car project.
"The team has also confirmed that it has parted company with a number of employees. This is a necessary step taken by the new owners of Caterham F1 Team whose priority is the future of the team.
"No further comment will be made at this time."