'Dennis demotion categorically untrue'

Saturday 27th April 2013

 RSS

Share:

'Dennis demotion categorically untrue'

'Dennis demotion categorically untrue'

Chairman Ron Dennis has denied rumours that he has been demoted to a non-executive position with no voting power.

Earlier this week, Germany's Auto Motor und Sport claimed that the former McLaren team boss would no longer have voting rights at the Woking company and although remain on the board in a non-executive position.

The report claimed that the 68-year-old's demotion was based on the sports car arm of McLaren Automotive, which Dennis is in charge of, losing 'hundreds of millions of pounds' on the back of poor sales.

A McLaren spokesman has denied the report, insisting that Dennis is still chairman of the McLaren Group and that the company is "on track to return a profit this year".

Meanwhile, Dennis told the BBC that the story is "categorically untrue.

"A little over three years ago I signed a five-year contract with the company against the background that both then and now I am the joint second largest shareholder in the group with 25% - and I own 15% of automotive.

"My position for the first three years of my contract was executive chairman.

"At my request - I drafted the contract and agreed terms - my role went from executive chairman to non-executive chairman in January 2013.

"The difference in the job is I don't have accountability for the actions of the management. I am the chairman of both of the boards - it gives me formal obligations - and a significant shareholder."

The Brit, though, did concede that at times there had been "rare" disagreements amongst those on the board.

However, he added that "in boards throughout the world there are always things that are discussed. Some people agree, some people don't.

"There has absolutely been no suggestion of my role in the company changing beyond the change of roles that took place as per my contract in January."

Turn Up The Lights, It's Race Day

Editor's Picks

10 Reasons For Three-Car Teams

10 Reasons For Three-Car Teams

What's not to like about three-car teams? Bernie's suggestion has been dismissed by the purists, but it would tighten up the racing...

Winners & Losers: Singapore

Winners & Losers: Singapore

Lewis may have beaten Nico by 33 centimetres on Saturday, but on Sunday he finished 47 laps down the road...

Getting To Know Marchionne

Getting To Know Marchionne

Ferrari fans needn't be worried about Sergio Marchionne - he comes with a pedigree of turning round businesses...

Highlights Of Luca's Tenure

Highlights Of Luca's Tenure

Luca di Montezemolo is Ferrari through and through, from spending time as Enzo Ferrari's assistant to assuming control in 1991...

Tin Foil Hats At The Ready

Tin Foil Hats At The Ready

Twice this season Lewis Hamilton has accused Nico Rosberg of deliberately making a mistake. Was Monza number three?