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News of  May 05, 2000


 


Jaguar Racing Announces Management Restructuring
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MILTON KEYNES, England - Jaguar Racing announced that Neil Ressler is to be the new Chief Executive Officer of Jaguar Racing and will have direct responsibility for all team activities. Currently Chairman of the Board of Jaguar Racing, Mr. Ressler will take over as Chief Executive Officer on a full time basis immediately and will have full responsibility for the team at this weekend's Spanish Grand Prix at Barcelona. Mr. Ressler has already relocated to Jaguar Racing's headquarters at Milton Keynes.

Jaguar Racing also announced that Dr. Wolfgang Reitzle, Chairman of Jaguar Cars, and Jonathan Browning, Jaguar's Managing Director, would both join the Board of Jaguar Racing. Richard Parry-Jones, Ford Motor Company's Group Vice President, Global Product Development and Quality, will join them on the Jaguar Racing Board. Jackie Stewart remains a member of the Jaguar Racing Board and will continue to work with the Commercial Director, Rob Armstrong, on the sourcing and servicing of the Company's partner sponsors. His unique knowledge of Formula One and driver issues will remain available to the team. In addition to Rob Armstrong continuing as Commercial Director, Rob plans to add a Head of Marketing to further strengthen the team.

Speaking in Barcelona today (Thursday May 4th) Neil Ressler said: "Following Paul Stewart's understandable decision to relinquish his responsibilities as Chief Operating Officer, it was important that we acted quickly to restructure the management of the team. Jaguar Racing has an experienced and dedicated group of executives and we are all now totally focused on realizing the potential of the Jaguar R1 and our two drivers -- Eddie Irvine and Johnny Herbert."

Neil Ressler is a Vice President of the Ford Motor Company responsible for global research and technology development and advanced engineering programs as well as motor sport support and technology transfer. He is also Chairman of Cosworth Racing, which develops and builds the engines for Jaguar Racing, and Pi, the advanced electronics company which works closely with Jaguar Racing. In his new appointment, Mr. Ressler will retain his Cosworth and all other motor sport related responsibilities.

Mr. Ressler will continue as Chief Technical Officer of Ford Motor Company, however day-to-day supervision of his global research and vehicle technology responsibilities will be assumed by Will Boddie -- Vice President - Global Core Engineering and Bill Powers -- Vice President - Research.

Neil Ressler worked closely with Jackie Stewart on the development of the Formula One team and was appointed Chairman of Jaguar Racing when Jackie announced his decision to step down as Chairman and Chief Executive Officer in January of this year. Neil Ressler will now combine the roles of Chairman and Chief Executive Officer.

Neil Ressler also announced in Barcelona that contracts had been signed to develop and build a wind tunnel for Jaguar Racing. "We need a wind tunnel to ensure that we are fully competitive for the future," he said. "We have therefore committed to designing and building our own facility. Our immediate objective now is to finalize a new location where we can co-locate Jaguar Racing, our wind tunnel and associated development facilities and Cosworth Racing."

"We now have a stable and very experienced management structure in place and we are investing in a range of state of the art facilities which will ensure that Jaguar Racing is a fully competitive Formula One team with the potential to challenge for the highest honors in the sport. We said, when we launched the team, that our ultimate objective was the Formula One World Championship. That remains our objective. Naturally, you do not accomplish this overnight. It takes time but we are putting in place the people and the resources to help us achieve that objective," said Mr. Ressler.

(May 4, 2000)

 

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