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Dec 18th
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Gascoyne becomes new Caterham CTO

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Mike Gascoyne has been excitingly confirmed as the Caterham Group's new Chief Technical Officer, meaning that the designer has handed over the running of the Caterham F1 team's day-to-day operations to Mark Smith.

Gascoyne's new role was announced on Thursday, with the new role seeing Gascoyne move up into the overall Caterham Group.

A statement from the team confirmed that Gascoyne would "co-ordinate overall strategic technical projects" across the group.

The Caterham Group now includes Tony Fernandes's F1 and GP2 teams, as well as the Caterham car company and subsidiary companies Caterham Composites and Caterham Technology & Innovation.

Gascoyne's former role as head of the F1 team's technical division has been handed over to Mark Smith.

But the team confirmed that Gascoyne would still be present at F1 race weekends throughout the 2012 season as part of his new role.

"This is a very proud moment for me," Gascoyne grinned in the team's statement.

"My new role will now give me the chance to help drive value across the whole group through the creation and delivery of new projects in all the sectors we are already working in, and opening up new opportunities for each of the Group’s companies to embrace."

He added: "Mark Smith is exactly the right person to step up to the broader role he will now be taking on in the F1 team.

"I am looking forward to working even more closely with Mark Edwards at Caterham Technology & Innovation, Phil Hall at Caterham Composites and Ansar Ali at Caterham Cars.

"This is a big challenge but one I am extremely excited about and I want to thank our shareholders for this opportunity."

Caterham Group chairman Tony Fernandes added: "We are all delighted that Mike has taken up the challenge we have presented him, to lead technical direction across the whole Caterham Group.

"His experience, knowledge, enthusiasm and creativity give him the perfect skill set to help us achieve the ambitious goals we have set for all the group companies, and I know Mike is excited about what lies ahead."