Ron Dennis says he is disappointed to have left his post as McLaren chairman, calling time on his 35-year tenure following a boardroom struggle. The 69-year-old owns 25% of the McLaren Group and will retain his shareholding despite being forced to step down as chief executive and chairman.
The decision to stand down comes about after Bahrain’s Mumtalakat investment fund , which owns 50% of McLaren Group, and Dennis’ long-time business partner Mansour Ojjeh, who owns the remaining 25% of the group, decided Dennis was not the right man to take the team forward.
Dennis was told he must give up his position in the company at a shareholder meeting on Tuesday having failed last week to prevent McLaren placing him on ‘gardening leave’ by going to the High Court.
Dennis’ decision to quit brings the curtain down on a highly-successful period for McLaren, guiding them to 20 F1 World Championships having taken full control of the Woking-based outfit in 1981.
Dennis says he is disappointed to have been forced out the door but hopes McLaren can continue to grow.
“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,” Dennis said in a statement.
“Ultimately it has become clear to me through this process that neither AG nor Mumtalakat share my vision for McLaren and its true growth potential,” added Dennis.
The 2016 Formula 1 season will conclude at the Abu Dhabi Grand Prix later this month with Lewis Hamilton 8/13 to claim the final race of the year, while Mercedes team-mate Nico Rosberg is 9/4.
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