Caterham confirm job losses and restructuring in bid to secure Formula One future
PUBLISHED: 11:11 17 July 2014 | UPDATED: 11:11 17 July 2014
Caterham have laid off more than 40 staff as their new owners seek to reduce costs.
Among the departures are deputy technical director Jody Eggington and head of track operations Gerry Hughes – expected to be the first of several cost-cutting moves at the Hingham-backed strugglers.
The team was sold by Tony Fernandes to a Swiss-Middle Eastern group earlier this month.
Before the takeover, Caterham had about 350 staff.
The departures are believed to be mainly heads of department and senior staff, although some more junior employees have also left.
A Caterham statement released on Thursday read: “Following the first steps of restructuring, Caterham has confirmed a number of new appointments have been made.
“Team principal Christijan Albers is supported by Manfredi Ravetto, general manager and deputy team principal. Simon Shinkins has also joined the team, 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 also confirmed it has parted company with a number of employees. This is a necessary step taken by the new owners of Caterham, whose priority is the future of the team. No further comment will be made at this time.”
Caterham have also got the go-ahead to carry out a string of updates to its 2014 car, which it hopes will rejuvenate the marque’s chances of recapturing 10th place in this year’s Formula One constructors’ championship.
USA test driver Alexander Rossi has confirmed his two-year association with the Leafield-based team has also come to an end.