By Ubaid Parkar, 8 November 2012
|© Charles Coates/LAT Photographic/Caterham
Tony Fernandes will be stepping down from his post as team principal of the Caterham Formula 1 team this year with a replacement to be named in due course.
The Malaysian entrepreneur has held the position since he stepped into F1 in 2010 when his team was called Lotus with the 48-year-old acknowledging that the role wasn’t particularly suited for him.
"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 told Autosport and Autocar magazines.
The Anglo-Malaysian squad has finished tenth in the constructors’ championship the last two seasons and is chasing the same spot – currently held by Marussia – this year.
"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," he added.
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