Former world champion Jackie Stewart today has announced he is stepping down as chairman and chief executive officer of Jaguar Racing. The 60-year-old Scotsman announced his decision when the first Jaguar Formula One car was launched in London at Lord's cricket ground yesterday morning. Stewart said he made his decision to spend more time with his wife Helen and family.
The three-time drivers' champion sold off the Stewart Grand Prix team he founded with his son Paul to Ford in a £60million deal last year. The team was renamed Jaguar Racing for this season but Stewart said today it was now time to step down, although he insisted he would still be working for the company and attending races.
He said: "For the last four years I've been working harder than at anytime in my life. Today I'm announcing that I'm retiring as chairman and chief executive officer of the team. I am not running away. I will be attending most of the grand prix races. I'll still be at the tests. I'll still be very much involved in the team." "But I will not be doing the same number of hours that I've done for the last four years," he added. "I've been working 18 to 19 hours a day. That really is not good for anybody. I don't think it's good for our company. I need to move over to allow the people who are really doing the job, the space to do so."
Ford Motor Company vice-president Neil Ressler will take over as chairman although the company will not appoint a chief executive officer. Stewart's son Paul will continue as chief operations officer. The Stewarts set up the team in 1996 and won their first grand prix through Johnny Herbert last year, and made a major coup when they signed Eddie Irvine from Ferrari for the coming season. The first grand prix of the new campaign is in Melbourne on March 12th. Irvine and his partner Johnny Herbert are reasonably happy with the car.
