Dennis quits McLaren

Date published: November 15 2016 - Editor

Ron Dennis ended his 35-year long career at McLaren on Tuesday after he was forced to step down by shareholders.

The chairman and chief executive of the McLaren Group quit after being told by fellow shareholders to step down from his position.

At the root of the issue seems to the fallout Dennis had with business partner Mansour Ojjeh, who also owns 25 percent of the McLaren Group. The other 50 percent is owned by Bahrain’s Mumtalakat investment fund, with whom Ojjeh has sided to remove Dennis.

“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 £850m-a-year business,” said the 69-year-old in a statement.

“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.

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

Dennis joined McLaren in 1981 and has won ten drivers’ titles with the likes of Ayrton Senna, Mika Hakkinen and Lewis Hamilton.