Ron Dennis confirms his departure from McLaren

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After several days of rumors, the departure of Ron Dennis of McLaren has made official through a press release issued by the protagonist. Dennis, until now Executive Director of the McLaren group, I had spent the days struggling to keep a position that the other shareholders wanted to snatch.

In the release, Dennis says he is very disappointed with the treatment received by TAG and Mumtalakat -the holders of the remaining shares of the company – and announces that, at the end of his contract which expires in 2017, will launch a new technology project.

Ron Dennis confirms that today you have been asked to resign from his duties as President and Chief Executive officer of McLaren Group Technology (MTG), after you have been directed, to grow the business and have been the creative force for more than 25 years. This decision taken by the majority of shareholders remains the put on ‘gardening leave’ (contract in force, but away from their obligations).

Dennis remains on the Boards of both MTG (McLaren Technology Group) as McLaren’s Automovive Limited and a significant amount of shares in both companies. Intended to honour its commitments with the group before launching a new investment fund technology later in 2017.

Dennis has said: “I’m disappointed that the representatives of TAG (Mansour Ojjeh) and Mumtalakat, the other major shareholder in McLaren, have been forced through this decision to send me to the ‘gardening leave’, despite the strong warnings from the rest of the management team about the potential consequences of their actions on the business. The reasons that have been put forward are completely false; my management style has always been the same and always has been, and is, one that has allowed McLaren to become a group of car and technology that has won 20 championships in the world of Formula 1 and has become a business that gives 850 million pounds per year. Throughout this time I worked very closely with colleagues of a lot of talent that kept McLaren at the forefront of technology, to whom I will always be extremely grateful”.

“Lately it has become clear that in this process neither TAG nor Mumtalakat share my vision of McLaren and its true portencial of growth. But my first concern it is to business that I built and its 3,500 employees. ‘ll keep using my significant participation in both companies and my actions on both boards to protect the interests and the value of McLaren, and help shape your future“.

“in Addition, I intend to launch a new investment fund technology once my commitments with McLaren to end up. This will leverage my experience, my financial commitments along with external investment to get many trade opportunities that I have been offering in recent years, but have not been able to take advantage of while they were committed to the existing businesses”.

Ron Dennis took control of McLaren in 1981 and, since then, has grown what was a Formula 1 team to become one of the most successful sports and commercial.

With Niki Lauda, Alain Prost, Ayrton Senna, Mika Häkkinen and Lewis Hamilton has been obtained ten world titles pilots, in addition to seven builders. In recent times the team has gone through various critical situations, being very far from the positions of the head and struggling to find sponsorships renowned.