Connect with us

F1 top news

Confirmed: McLaren boss Ron Dennis forced to step down after 35 Years

Published

on

Ron Dennis step down as CEO and chairman at McLaren Technology Group

Ron Dennis step down as CEO and chairman at McLaren Technology Group

McLaren Technology Group shareholders forced Ron Dennis to step down from his position as chairman and CEO on Tuesday after 35 years with the company.

Dennis will remain on the boards of both MTG and McLaren Automotive Limited and a significant shareholder in both, he’s set to launch a new technology investment fund in 2017.

All told though, Dennis expressed regret at the way his time at the top is ending.

A statement claimed Dennis intends to honour his commitments to the group before launching a new technology investment fund later next year.

Dennis said: “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, despite the strong warnings from the rest of the management team about the potential consequences of their actions on the business.

“The grounds they have stated are entirely spurious; my management style is the same as it has always been and is one that has enabled McLaren to become an automotive and technology group that has won 20 Formula 1 world championships and grown into an £850million a year business.

“Throughout that time I have worked closely with a series of talented colleagues, to whom I will always be extremely grateful, to keep McLaren at the cutting edge of technology.

“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.

“But my first concern is to the business I have built and to its 3500 employees. I will continue to use my significant shareholding in both companies and my seats on both boards to protect the interests and value of McLaren and help shape its future.

“In addition I intend to launch a new technology investment fund once my contractual commitments with McLaren expire.

“This will capitalise on my expertise, my financial resources, together with external investment to pursue the many commercial opportunities I have been offered in recent years but have been unable to take up while being.

Comments

Latest Results




Latest F1 News

2018 F14 hours ago

Verstappen beats Hamilton to top spot in German GP practice

1ShareMax Verstappen was fastest in second practice in German Grand Prix, the Dutchman kept Red Bull Racing’s striking form at...

2018 F18 hours ago

Practice 1 Results: German Grand Prix

60Shares2018 German Grand Prix Practice 1 Results (FP1): First free practice results and Timings (FP1) for the eleventh round of...

2018 F110 hours ago

Bottas signed, Mercedes completed its driver line-up for 2019

202SharesValtteri Bottas has signed a new one-year contract extension with Mercedes, his team Mercedes have officially announced. It follows Mercedes...

2018 F110 hours ago

We are not negotiating with Kubica – Haas F1

1ShareGunther Steiner has rejected speculation Haas might sign up Robert Kubica for 2019. Pole Kubica is the reserve driver at...

2018 F111 hours ago

The F1 Silly Season: Who will be driving where for 2019 F1?

4SharesWith the German Grand Prix spotted the midway point in the 2018 Formula 1 Season, it now feels like the...

2018 F12 days ago

F1 should be a dictatorship – Berger

11SharesFormula one needs to return to its days as a dictatorship. That is the view of Gerhard Berger, the F1...

2018 F12 days ago

We have great confidence in Honda – Red Bull

1ShareChristian Horner remains confident Honda is the right move for Red Bull. The Red Bull boss said that at Silverstone...

2018 F12 days ago

F1 steward Mika Salo admits Ferrari penalties controversy

11SharesF1 steward Mika Salo has acknowledged the controversy over penalties given to Ferrari drivers in recent races. After Sebastian got...

2018 F12 days ago

McLaren, Williams, admit need for change

78SharesAn anonymous engineer says struggling once-great F1 teams Williams and McLaren need to make sweeping changes. Both British teams have...

2018 F12 days ago

Hamilton is stronger than Vettel – Briatore

260SharesFlavio Briatore thinks Mercedes is still the favourite for the 2018 world championship. Ferrari’s Sebastian Vettel has taken an 8...




Most Popular

ThisisF1.com is not affiliated with Formula 1, Formula One Management, Formula One Administration, Formula One Licensing BV, Formula One World Championship Ltd or any other organization or entity associated with the official Formula One governing organizations or their shareholders. Copyrighted material used under Fair Use/Fair Comment.

References
We could use the following leading F1 news sources for stories: SkyF1, BBC F1, Autosport, ESPN F1, FIA Media Center, MotorSport, JamesAllen and others leading authors blog.

All Rights Reserved © 2017 Prime Sport Media