Caterham axes 40 employees in team restructure
© Caterham F1 Team
|17 July 2014 by TF1T Staff | M||Tweet
Caterham has laid off more than 40 members of staff in a bid to reduce costs and increase efficiency as it looks to regain some ground in the 2014 championship.
The Leafield team was recently bought out by unnamed Swiss and Middle Eastern investors after previous owner Tony Fernandes cut its funding, putting it at risk of collapsing.
The team already has one of the smallest work forces along with Marussia, but it believes it can be more streamlined in the way it works and says it's "a necessary step taken by the new owners whose priority is the future of the team."
In the restructure, team manager Graham Watson, head of track operations Gerry Hughes and deputy technical director Jody Eggington have left amongst many more.
New team principal Christijan Albers will be supported by Manfredi Ravetto, with Simon Shinkins joining as chief operating officer.
Ferrari's former head of logistics, Miodrag Kotur, replaces Watson with Gianlunca Pisanello taking over as head of track engineering.
John Iley has been promoted to technical director and will lead the new 2014 developments as well as working on the 2015 car.
Colin Kolles remains as advisor, but is expected to focus his efforts on a new hopeful entrant, Forza Rossa.