Abiteboul is new Caterham team principal

With Tony Fernandes standing down as Caterham team principal to devote more time to his other business interests, the team has promoted Cyril Abiteboul to the role with immediate effect. He will combine the task with his current position as CEO, which he took up in September.

Caterham announced a new sportscar partnership with Renault on Monday and Fernandes said: "The plan (Co-chairman) Kamarudin (Meranun) and I formed ober three years ago forour automotive interests has come to fruition. The strategy for the establishment and growth of Caterham Group has now reached the stage where we can step back from the day-to-day running of the F1 team in favour of Cyril, who will be able to dedicate himself full time to the role.

"Cyril is going to be an excellent team prinicipal. He has extensive experience in F1, he is extremely well respected and he shares our vision for what we want to achieve. He takes over during a season when we have not yet fulfilled our potential, but at a time when we have everything in place to help us to do so. One day we will earn our seat at the top table of F1 and he is the right person to take us there.

"Kamarudin and I will still have an active interest in our various Caterham companies but we have now reached the point in the growth of the business where it makes most sense to step back."

Abiteboul, 35, is the former executive director of Renault Sport F1, with who he will split his duties until January.

"I am honoured to take over as team principal," Abiteboul said. "We have big challenges ahead of us but the shareholders are committed and behind us to help us takesignificant steps forward over the coming years, and one day challenge for the highest honours in F1. We have an incredible spirit in the team, and that has been created by Tony and Kamarudin."

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