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Jaguar Racing Announces Management Restructuring

5 May 2000

Jaguar Racing Announces Management Restructuring

    MILTON KEYNES, England, May 4 Jaguar Racing today
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 Reltzle, 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.