Ferrari chief thanks Michael Schumacher

Montezemolo praised Schumacher for his achievements and also said that his records will be difficult for drivers to overcome in the future.

"Michael was and will always be one of the most important figures in the history of Ferrari and he will always be in the hearts of all the men and women who work in Maranello and of all fans of the Prancing Horse," Montezemolo told the official Ferrari website.

"A large part of those twenty years of Formula 1 were spent with us. Together, we achieved results that will be difficult to repeat. His passion for racing is incredible, as is the effort he puts into it, along with the courage and determination he has always demonstrated, which won him the affection of us all.

"On behalf of everyone at Ferrari I wish to thank him for everything he did for us and I send him all our best wishes for this, his twentieth anniversary in the greatest sport in the world."

Michael Schumacher has raced for only four teams in his 20 year career. In the past 20 years Schumacher has driven in 279 races winning seven world championships.