Wednesday, 16 November 2016

Ron Dennis ‘resigns’ as boss of McLaren

Following an exclusive story in one of the UK’s leading newspapers, the Daily Mail, yesterday, McLaren Technology Group (MTG) has confirmed the exit of Ron Dennis exit as its chief executive.

A statement said:  'As of this afternoon Ron Dennis no longer holds the position of Chief Executive Officer of McLaren Technology Group (or its subsidiaries). However, he remains a shareholder and a director of McLaren Technology Group.
'Over the past 35 years Ron's contribution to the success of McLaren has been colossal. During his tenure the team won 17 World Championships and 158 Grands Prix, making him the most successful leader in Formula 1 history. Like the company's founder, Bruce McLaren, Ron is and will always be one of the true greats of the sport.
'McLaren Technology Group is now in the process of seeking a new chief executive officer. Until such an appointment has been made, the company will be run on an interim basis by an executive committee comprising the MTG's majority shareholders, in close collaboration with the board of directors and the senior management team, all of whom remain utterly committed to the company, its partners, its employees and its fans, and share a passionate determination to build on our many strengths towards future prosperity. One on the companies with which Mclaren has a close association is Ricardo plc.
It has been reported the announcement follows a bitter boardroom row with Mansour Ojjeh, who, like Dennis, owns 25 per cent of McLaren, and Mumtalakat, the Bahraini sovereign wealth fund, which holds the remaining 50 per cent. 
                                 Ron Dennis replies to accusations
In response, Ron 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 One world championships and grown into an £850 million a year business."

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