ESPNF1 Staff
August 24, 2011
Riad Asmat has been promoted from CEO of Team Lotus © Sutton Images
Riad Asmat has been promoted to chief executive officer of Team Lotus, Caterham Team AirAsia, Caterham Cars, merchandising, engineering and all related interests.
Asmat was previously CEO of just the Formula One outfit, but his new role will see him become the group CEO as all of the automotive interests are brought under the same umbrella. Having been part of the initial setup of Lotus Racing as it was in 2009, Asmat has also overseen the establishment of the GP2 team Caterham Team AirAsia, and said he was looking forward to the challenges both on the track and on the road.
"In F1 the goal remains the same - grow over the long-term and achieve our goals in realistic timeframes," Asmat said. "Next year we need to take another step up and we have the building blocks in place to enable us to do that.
"On the road, we will be producing cars that are efficient, light, technologically innovative and, crucially, cars 21st century consumers across the globe want to buy. We have a wealth of talent, knowledge and experience driving our core businesses forward every day and that ensures a very bright future for us across all our interests."
Having acquired Queens Park Rangers last week, team principal Tony Fernandes will benefit from delegating the responsibilities, and says he has full confidence in Asmat to be successful in his new role.
"We are absolutely delighted Riad has taken on the role of Group CEO and could not have placed our faith in a better person to lead our businesses forward. We first met Riad in 2009 and we were immediately struck by his passion, hard work and determination to succeed and he will be an inspirational leader for a very talented group of people working across all our group companies."
Credit: ESPN F1 (en.espnf1.com)
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