FREE NEWSLETTER

Ron Dennis steps down from McLaren role

16 November 2016

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.

 

Partners

Latest issue

FREE Newsletter

Stay up to date and a chance to win 1 Years Subscription*

  • This field is for validation purposes and should be left unchanged.

Latest Tweets

Stay up to date with our social world

RACE TECH magazine @RaceTechmag
20 Jan
A great tech brief about the last #Formula1 season for FREE here. Flexible aero was just one of many areas with… https://t.co/VPBU601oiZ
RACE TECH magazine @RaceTechmag
20 Jan
WRC Hybrid ERA - The World #rally Championship enters its new #hybrid era this month with a mix of excitement and t… https://t.co/NNFoaAKb6A
RACE TECH magazine @RaceTechmag
20 Jan
Maserati to enter Formula E - https://t.co/X3mp526Jmu https://t.co/LJCuZHhF77
RACE TECH magazine @RaceTechmag
19 Jan
F1’s relentless quest for performance has pushed the envelope in every area. In this issue we investigate an ingeni… https://t.co/u85Dq6kzhu
RACE TECH magazine @RaceTechmag
19 Jan
Peugeot steps up 9X8 preparations to FIA WEC 2022 - https://t.co/gfWhfCqESq https://t.co/AXpbU3KS06
RACE TECH magazine @RaceTechmag
18 Jan
RACE TECH magazine @RaceTechmag
17 Jan
Ferrari and Aston Martin set date to unveil 2022 F1 cars - https://t.co/Z8tV56H0Ut https://t.co/EuKlEpNTK2
RACE TECH magazine @RaceTechmag
13 Jan
Pressure measurement specialist #druck a @bakerhughesco business - has partnered with Elite Sensors for its latest… https://t.co/A4NhRfYecl