At today's meeting of the Ferrari Stockholders, chairman Luca di Montezemolo announced that Jean Todt has decided to resign his membership of the Ferrari Board of Directors and from all of the other positions he holds in the Company.

The Chairman thanked Todt on behalf of the Board of Directors and everyone at Ferrari, for the major contribution he has made to the success of the Scuderia over the years, and the commitment and dedication he has shown in all of the positions he has held since he arrived at Maranello in 1993. Mr Todt's appointments at Ferrari included those of GES Director, CEO and Member of the Board of Directors.

"Jean Todt has been one of the leading protagonists of the Ferrari story of the last 15 years," declared Montezemolo. "Skill and passion have always characterised his work and have won him my persona respect and affection, the one of the Company as a whole and of the Prancing Horse enthusiasts everywhere. I would like to wish him the very best for the future which I hope will prove extremely satisfying both personally and professionally."

"All of these years we've spent together - victories and tough times included - have forged a link between Jean Todt and Ferrari that will never be broken," concluded the Chairman.