F1: Caterham lays off staff in restructure

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Caterham has axed more than 40 members of staff as part of a major restructuring that has taken place under its new owners.

Following the buyout by an unidentified group of Swiss and Middle Eastern backers, their advisor Colin Kolles and team principal Christijan Albers have made moves to try to secure the future of the team. Part of their efforts have been focused on making the team more efficient, which is why it has moved to reduce the staffing numbers.

Among the people who have been laid off are team manager Graham Watson, head of track operations Gerry Hughes and deputy technical director Jody Eggington.

A statement from Caterham said that losing staff was "a necessary step taken by the new owners of Caterham whose priority is the future of the team."

As well as reducing staff numbers, Caterham's new chiefs have put in place a new overall structure. Albers will be supported by general manager Manfredi Ravetto, with Simon Shinkins joining the outfit as COO.

Former Ferrari head of logistics Miodrag Kotur will replace Watson as team manager, with Gianlunca Pisanello being promoted to head of track engineering. John Iley has been made technical director to lead the team on its 2014 and 2015 car projects.

The team revealed earlier this month that it has given the green light to invest in an upgrade package that it hopes to bring for the Belgian Grand Prix.