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Following a meeting in London on Thursday 23 August, it was mutually agreed that in the best interests of Jaguar Racing, the management of the team should change. With immediate effect, Niki Lauda, Chief Executive Officer of the Premier Performance Division will assume the position of Team Principal and will take over all of Bobby Rahal's responsibilities at Jaguar Racing for the immediate future. Rahal will return to his business interests in the US and will maintain all his other automotive and motor racing business relationships with Premier Automotive Group and Ford Motor Company in the U.S.
Bobby Rahal commented: "It has been a tremendous privilege to play a key role in the formative stages of the development of Jaguar Racing. I have truly enjoyed the time I have spent with the many talented people at Jaguar Racing and I wish them all the best for the future. I would stress this is an amicable parting and I look forward to continuing my other business relationships with the Premier Automotive Group and Ford Motor Company in the U.S."
Niki Lauda commented: "I would like to thank Bobby for the contribution he has made to Jaguar Racing. Following this development my focus will now be 100 per cent on the Jaguar F1 project."

Wolfgang Reitzle, President, Premier Automotive Group commented: "Bobby and I had a very civilised meeting. It was clear to me that it was in the best interests of Jaguar Racing that this amicable solution was reached. I admire Bobby for his business acumen and we are looking forward to further developing the business links between Bobby, the Premier Automotive Group and Ford Motor Company in the US."

Note to Editors: Bobby Rahal was appointed CEO and Team Principal of Jaguar Racing on 1st December 2000. Niki Lauda is CEO of the Premier Performance Division, which is the motor sport arm of the Premier Automotive Group, the Ford Motor Company business group responsible for Aston Martin, Jaguar, Land Rover, Volvo and Lincoln. The Premier Performance Division co-ordinates the activities of Jaguar Racing, Cosworth Racing and Pi Research which is a sub-brand of the Pi Group Ltd.

[Source: Jaguar Cars]
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