McLaren Boss Forced To Give Up His Position As CEO

Ron Dennis' 35-year tenure as the boss of McLaren has come to an end, BBC reports. Dennis is quitting after being told by fellow shareholders that he must give up his position as chairman and chief executive of McLaren Group on Tuesday.

Dennis who owns 25% of McLaren Group and has been involved with the McLaren Formula One team since 1980, and in a central leadership role there since 1981, leading them to 10 drivers’ championships and seven constructors’ championships, did not want to step down and failed in a High Court bid last week to prevent McLaren putting him on 'gardening leave'.

In a statement to the BBC, Dennis said he was "disappointed" and called the grounds for his removal "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 £850m-a-year business.

"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.

"My first concern is to the business I have built and to its 3,500 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."

It was felt Dennis' autocratic style was ill-fitted to growing McLaren in the future says the BBC and he remains on the boards of McLaren Technology Group and McLaren Automotive and retains significant shareholdings in both.