Following the announcement of his retirement, though some remain convinced that he will return in 2008 to take control of the team, Ross Brawn has paid tribute to Ferrari, whilst revealing that he is confident that there will be further success for the Italian team.

"I wish to thank Ferrari for allowing me to be part of a wonderful period in the history of the team," he said. "Everyone knows that Ferrari is a legend but more important are the people who work here. They have demonstrated extraordinary professionalism, loyalty, motivation and passion for their tasks. They are all exceptional human beings.

"For some time now, we have prepared for this handover and I am pleased to be able to pass on my responsibilities to people whom I am convinced can do an even better job than me.

"I have great faith in all of them," he added, "and I am sure they will bring many more successes home to Maranello."

Meanwhile, engine guru, Paulo Martinelli, who is to take up a new role with Fiat, paid his tribute to the Maranello outfit.

"I have spent my entire working life with Ferrari," he said, "first of all on the Grantursimo cars side, where I worked for sixteen years and then, as of January 1995, at the Gestione Sportiva. Both environments provided exceptional experiences that were fascinating and gratifying.

"President Montezemolo would often joke about the fact I joined the company when I was still in short trousers, but now I find myself about to take on a third personal challenge in the FIAT Group. I will leave part of my heart at Maranello. These have been unforgettable times as part of a fantastic team made up of people who are exceptional in both professional and personal terms."

Jean Todt, who on Wednesday was names as CEO at Ferrari SpA, said: "To see such an important chapter in the history of Ferrari come to a close has a special effect on me, even though I know that that's life and we have to accept it.

"These have been extraordinary years on both the professional and human front, with important achievements coming as a result of the values instilled in our family.

"I thank Ross and Paolo for their unparalleled efforts and I wish them all the best in achieving the objectives they have set themselves in their new lives. As I said, a chapter closes but life at Ferrari moves onward and it is with pride and determination that we will tackle the next challenges, be they in the industry or in sport."