Ron Dennis ousted as CEO of McLaren

McLaren is looking for a new leader after announcing the dismissal of Ron Dennis as chief executive of the British brand.

The statement does not mention the reasons for his removal, and Dennis himself has made clear his disagreement with the decision of the group’s main shareholders (TAG and Mumtalakat):

“The reasons they have given are completely spurious; my management style is the same as always, and it is what has allowed McLaren to become a technology and motorsport group that has won 20 F1 championships and has turned into a business worth 850 million pounds a year,” says the Woking native.

Despite his removal as CEO of McLaren, Ron Dennis will remain linked to the team through his shares in the company. Ron Dennis controls 25% of the shares of McLaren. Meanwhile, Mumtalakat Holding Company, a fund from the Emirate of Bahrain, and Mansour Ojjeh, the head of TAG, hold 50% and 25% respectively.

“I will continue to use my significant shareholdings in both companies and my seats on both boards to protect the interests and value of McLaren and help shape its future,” says Ron Dennis.

According to the newspaper El Mundo, Mumtalakat and TAG were displeased to learn that Dennis had maneuvered to take 100% control of the company. He did not succeed, and he now finds himself removed from the chairmanship by the majority shareholders.

In addition, Dennis has announced that he will launch a technology investment fund once his contractual obligations with the British team end.