OCTOBER 30, 2000

Stewart announces resignation from Jaguar Racing

PAUL STEWART, the son of three-times world champion Jackie, announced his resignation as executive director of Jaguar Racing on Monday.

Stewart, who was diagnosed with treatable cancer of the colon in April, founded the Stewart-Ford team along with his father before becoming a part of the Jaguar management when the team changed names at the start of the 2000 season.

The 35-year-old stepped down as chief operating officer to concentrate on his cancer treatment in Rochester, Minnesota and has since decided to cut his ties with the Milton Keynes-based team to concentrate on his recovery from the illness.

"Although my doctors are pleased with my progress I will be required to make frequent visits over the next few years to Minnesota in order to complete my on-going treatment," Stewart said.

"Under the circumstances I feel this will make it extremely difficult to carry out my responsibilities for the company.

"As a result, I have decided that I must resign from Jaguar Racing and have advised chairman Neil Ressler that I am unable to continue as an executive director of the company."

Chairman Neil Ressler accepted Stewart's decision to end his duties with Jaguar and hailed the father-of-two for his part in the development of the team.

"I fully understand Paul's decision and he will receive all the support he needs from his friends at Jaguar Racing," Ressler said. "Paul, along with Jackie, was the driving force behind the foundations of the Stewart-Ford team.

"Prior to his illness, Paul played a vital role in the management of Jaguar Racing when it came under Ford Motor Company Ownership."