Graham Macdonald has been appointed as the new CEO of the Caterham Group of companies, with overall responsibility for all arms of the business, including the Caterham F1 Team, it has been announced.

The move sees Macdonald promoted from his role as CEO of the Caterham Cars division and handed a remit to 'oversee the continuing growth and integration of the component parts of the Group'.

Macdonald takes over from Riad Asmat. Asmat is set to take up a new role with the team, which will be announced soon, Crash.net has been informed.

"From 1st November 2013, all the heads of Caterham's current divisions - Caterham Cars, Caterham F1 Team, Caterham Technology & Innovation and Caterham Composites - will report into Macdonald," read a statement to the media.

Tony Fernandes, who remains co-chairman with Kamarudin Meranun, commented: "In the short time that Graham has been at the helm of Caterham Cars in what is a fascinating period of change for the brand, he has been a dynamic and steadfast leader.

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"His experience and dedication is exactly what we now need to drive the Group forward into its next, exciting chapter."

Macdonald added: "The last year has been a whirlwind for me at the head of Caterham Cars and I'm honoured to be asked to elevate my role for the whole of the Caterham Group.

"Caterham is going through a revolution in terms of its brand proposition and status so to be at the forefront of that change is a once-in-a-lifetime opportunity for me."

The announcement comes after Fernandes and Meranun outlined a 'bold vision' for the Caterham brand last month at the Singapore Grand Prix that will see it 'deliver on a global stage thanks to the adoption of an entrepreneurial, progressive strategy'.

At the same event, Caterham also unveiled its first new road model for 19 years - the AeroSeven Concept - which represents the first project to feature input from every corner of the Group and signals Caterham's 'clear intent to turn a niche British automotive institution into a truly global brand'.

With the possibility of a Caterham SUV and city model already confirmed among future plans for the cars division, the Company is also branching out into other sectors, with projects in the marine and airline industries already established, a Caterham bicycle being launched and entry into the motorcycle market with a Moto2 team for 2014 season.