The chairman and CEO of McLaren Group has been placed on gardening leave until his contract expires in January
Sam Sheehan
15 November 2016

McLaren Technology Group CEO Ron Dennis has stepped down from his role, and his contract won't be renewed when it expires in January.

69-year-old Dennis has been involved with McLaren for 36 years, but a decision has been taken by shareholders to place him on gardening leave.

Dennis will, however, remain a member of the boards of the McLaren Technology Group and McLaren Automotive, but loses his position at the helm.

He said in a statement today "The grounds they [the shareholders] 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 £850 million-a-year business."

Dennis added that the representatives of TAG and Mumtalakat, who are the other main shareholders in McLaren, ignored warnings from the management team about "consequences of their actions on the business".

The McLaren group is made up of McLaren Racing, McLaren Marketing and McLaren Applied Technologies. The brand’s car division, McLaren Automotive, isn't part of the group, and therefore won't be affected by this leadership change. A spokesman for the division told Autocar last month that despite the fact Dennis owns 10% of Automotive, he has no day-to-day involvement with the business. The company is run by CEO Mike Flewitt.

Dennis, who owns 25% of the McLaren Technology Group, had wanted to purchase an additional 50% of the group from the Bahraini sovereign wealth fund Mumtalakat and 25% from his business partner Mansour Ojjeh when it became clear he could be ousted, but failed to raise the capital by the required deadlines.

"My first concern is to the business I have built, and to its 3500 employees," continued Dennis in his statement. "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."

Dennis added that he will launch a new technology investment fund once his contract ends at McLaren.

"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 so committed to the existing business," he concluded.

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Comments
14

19 October 2016
From Garage floor to MD,not bad i think,hard working,helped make the Company what it is today,i don't grudge him one penny of his pension,maybe he should write a Book?,wouldn't that make interesting reading!?

Peter Cavellini.

19 October 2016
Peter Cavellini wrote:

From Garage floor to MD,not bad i think,hard working,helped make the Company what it is today,i don't grudge him one penny of his pension,maybe he should write a Book?,wouldn't that make interesting reading!?

i would read that book!

Red Devil

15 November 2016
Or maybe he could go to a rival I.e. Renault, Manor or (hilariously ironic and Ultimate insult to McLaren Shareholders) Ferrari. The Ferrari may seem funny but they need experience leadership and Ron would easily fill that role. It would be hard for a McLaren fan like me to watch but it would really annoy the idiots that sacked him so good luck to Ron, make them pay.

19 October 2016
I wonder if this could be linked with Apple circling? Presumably they only need to convince his two partners and he'd lose control anyway.

15 November 2016
It was Ron Dennis who apparently brought Apple in to buy McLaren so he could keep control. Obviously the Arab idiots said they would sell then changed their minds.

19 October 2016
Good to hear, Dennis the penis. Just leave allready, kovalainen was faster than Lewis you imbecile LOLLZ.

19 October 2016
Miklu26 wrote:

Good to hear, Dennis the penis. Just leave allready, kovalainen was faster than Lewis you imbecile LOLLZ.

2007 Hamilton 2nd 109 points Kovalainen 7th 30 points (Hamilton over 3 times better)
2008 Hamilton 1st 109 points Kovalainen 7th (no better) 53 points (Hamilton twice as good)

Still the above are just stats. lol

 

Hydrogen cars just went POP

19 October 2016
Under his stewardship McLaren won many F1 titles and still have the highest wins per race ratio, they built what is the greatest hypercar ever, if not the best car ever in the F1, and they have now become the definitive sports car manufacturer in only a few years, producing stunning and utterly desirable cars, many of which are untouchable.

14 November 2016
F1 was a VERY expensive carbon-fiber car for it's time but it's real party piece was the 12 cyl BMW M-engine. Mclaren is a great F1 team and company but they can't build engines anywhere near as good as Ferrari.

Dan

19 October 2016
I'd laugh if he went to Apple.

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