FREE NEWSLETTER

McLaren boss Ron Dennis steps down after selling shares

30 June 2017

Ron Dennis CBE will step down as chairman of McLaren and sell his shareholdings in both McLaren Automotive and McLaren Technology Group after 37 years at the helm of the business.

McLaren Automotive and McLaren Technology Group will sit under a new holding company, McLaren Group, with Bahrain Mumtalakat Holding Company and TAG Group remaining as majority McLaren Group shareholders.

The Shaikh Mohammed bin Essa Al Khalifa will become McLaren Group’s executive chairman, with Dennis, who has spent 51 years working in Formula 1, continuing to pursue a career as a consultant.

Ron Dennis CBE said: “I am very pleased to have reached agreement with my fellow McLaren shareholders. It represents a fitting end to my time at McLaren, and will enable me to focus on my other interests. I have always said that my 37 years at Woking should be considered as a chapter in the McLaren book, and I wish McLaren every success as it takes the story forward.”

He continues: “Perhaps my greatest satisfaction is the Formula 1 team’s outstanding racing safety record, which is a tribute to the dedication and efforts of hundreds if not thousands of talented and conscientious employees whom I have had the privilege of leading.

“I will continue to consult for various companies and work with the UK Government’s Ministry of Defence Innovation Advisory Panel in helping to improve the technology, the culture and the organisations that together safeguard the UK’s national security.”

Shaikh Mohammed bin Essa Al Khalifa commented: I would like to pay tribute to Ron’s immense contribution to the McLaren success story over the past 37 years. That ethos remains at McLaren, and I am very proud now to be assuming the position of Executive Chairman, alongside Mansour, my fellow Executive Committee principal, who will continue to work with me to drive McLaren Group forward to new successes.

“There will be time in the near future to outline our plans, for the coming months and years will be an extremely exciting time in the story of McLaren.”

During his 37 years at McLaren, Dennis led the team to 158 Grand Prix wins and 17 Formula 1 World Championships, managing some of the greatest drivers in the history of motorsport (including Niki Lauda, Alain Prost, Ayrton Senna, Mika Hakkinen and Lewis Hamilton, who all won World Championships under Ron’s management) as well as the world-renowned Le Mans 24 Hours race in 1995.

In 2004 Ron announced the launch of McLaren Applied Technologies, which focuses on applying motorsport-bred innovations and technologies so as to improve the performance and product innovation of blue-chip companies in a wide variety of industries.

In 2010 Ron oversaw the formation of McLaren Automotive, now one of the world’s leading manufacturers of high-performance sports cars.

On December 18th 1980, Ron merged the former Team McLaren with his own company, Project Four, to form McLaren International, then valued at £3 million. Fewer than 100 people were employed by the new company at that time. In the 37 years since then, supported by the investment of TAG Group in 1984, Ron has presided over a period of remarkable and prodigious growth. The McLaren Group is today valued at £2.4 billion, had a combined turnover in 2016 of £898 million, and now employs more than 3400 people.

 

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
29 Sep
Nissan Motorsport unveils the Nissan Z GT4 - https://t.co/92AaFSmcPO
RACE TECH magazine @RaceTechmag
28 Sep
Limited availability so book your tickets now! https://t.co/2RftifsTCN https://t.co/WzMPSOlh7p
RACE TECH magazine @RaceTechmag
21 Sep
F1 announce dates for first Las Vegas Grand Prix #F1 #LasVegas #Formula1 @F1 #LasVegasGP https://t.co/nqqJxgamw4 https://t.co/cBW6K9EEw0
RACE TECH magazine @RaceTechmag
12 Sep
Latet issue of RACE TECH out now. Don't miss: AUDI ENTERS #F1 - Formula 1’s #Sustainability agenda reaped its first… https://t.co/tS71oa5JOg
RACE TECH magazine @RaceTechmag
12 Sep
Your free ticket! Motorsport Engineering & Technology Show - MIA CTS2022 - https://t.co/8KC89BkNtB
RACE TECH magazine @RaceTechmag
8 Sep
Her Majesty The Queen Elizabeth II 1926 - 2022 https://t.co/GkRFlm6PKX
RACE TECH magazine @RaceTechmag
2 Sep
In case you missed it this week - @audisport to enter #F1 in 2026 following new #Sustainability rules #Audihttps://t.co/uIdS6ph1ka
RACE TECH magazine @RaceTechmag
24 Aug
Daniel Ricciardo to leave Mclaren Racing at the end of the year. Watch his video announcement here #danielricciardohttps://t.co/ugPNMC1yfm