On retiring from Formula 1 as a racing driver at the end of the 2006 season, Michael was retained in the role of consultant by Ferrari.

Michael’s role is to lend his experience to help in many areas, including with race and road car development and advising the F1 team. The role also involves attending some races.

Other key names also changed positions in Ferrari when Schuey retired as an F1 driver. Technical Director Ross Brawn took a sabbatical and later joined the Honda team as Team Principal. Team Principal Jean Todt saw out one more season and then moved up the ladder to become CEO of Ferrari (a position he then resigned in March 08).