CEO Tim Routsis leaves Cosworth in management reshuffle

Routsis had been with the Northampton-based engine manufacturer for 10 years and was a key player in pushing Cosworth to return to F1 in 2010.

However, with no plans to build a 2014 engine for the new regulations, Cosworth will be out of grand prix racing next year.

On the back of a push to diversify its business, high-level sources have revealed that Routsis has left the company and will be replaced in the interim period by Hal Reisiger.

A Cosworth spokesman would not confirm any specific news on individual personnel, beyond stating that a management change had taken place.

"I can confirm that new leadership is in place at Cosworth to oversee the continuing diversification and growth of our business," he said.

"As you may know, Cosworth will celebrate its 55th anniversary later this year and in that time the business has gone through a number of evolutions.

"Our shareholders are now looking forward to a sustained period that consolidates Cosworth's recent diversification into the mainstream automotive, aerospace and defence industries."

Although there was disappointment that Cosworth could not find the necessary partners to justify a 2014 engine programme, the spokesman added that a future F1 return is not totally out of the question.

"Our shareholders remain supportive of the decision not to progress our 2014 specification F1 engine programme at this time," he said.

"Our team stand ready however to continue this programme to deliver a competitive engine for a future season, if commercial commitment from customer teams or OE manufacturers can be secured.

"As an independent engine supplier, Cosworth focuses our expertise and resources on projects that deliver relevant technologies to customers across our target markets and provide effective ROI for our shareholders."