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Ron Dennis has stepped down from the role of chairman and chief executive officer of McLaren Technology Group (MTG) due to a disagreement with shareholders.
“I am disappointed that the representatives of TAG and Mumtalakat, the other main shareholders in McLaren, have forced through this decision to place me on gardening leave,” revealed Dennis, “despite the strong warnings from the rest of the management team about the potential consequences of their actions on the business.
“Ultimately it has become clear to me through this process that neither TAG nor Mumtalakat share my vision for McLaren and its true growth potential.”
Dennis was placed on gardening leave by the majority shareholders of MTG prompting him to “relinquish his duties” however he remains a shareholder of the business.
Upon his contract expiring Dennis claimed that he will launch a new technology investment fund. “This will capitalise on my expertise, my financial resources, together with external investment to pursue the many commercial opportunities l have been offered in recent years but have been unable to take up while being so committed to the existing business.”
MTG will be ran by an interim “executive committee” which sees its majority shareholders working with both the board of directors and senior management team. The group has already began searching a replacement for Dennis.
