Ron Dennis, who helped build McLaren what it is now, will cut the ties after selling his shares in both McLaren Automotive and McLaren Technology Group, announced the company today. A new holding company McLaren Group has been formed to look after the aforementioned sports car maker and conglomerate.
Ron took control of McLaren in 1980, building the Formula One team that was originally founded by Bruce McLaren. He led the team to 158 Grand Prix wins and 17 F1 World Championships, managing some of the greatest drivers in the history of motorsport (including Niki Lauda, Alain Prost, Ayrton Senna, Mika Hakkinen and Lewis Hamilton, who all won World Championships under Ron’s management) as well as the Le Mans 24 Hours race in 1995.
In 2004, Ron announced the launch of McLaren Applied Technologies, which focuses on applying motorsport-bred innovations and technologies so as to improve the performance and product innovation of blue-chip companies in a wide variety of industries.
In 2010, he oversaw the formation of McLaren Automotive, which now makes some of the most desirable sports cars.
The McLaren Group is today valued at £2.4 billion, had a combined turnover in 2016 of £898 million, and now employs more than 3400 people.
Reportedly, it was the deteriorating shareholder relationship which led to his removal from the McLaren management roles in November 2016, esp. with Saudi shareholder Mansour Ojjeh. It is also being reported that both Mansour and Bahrain Mumtalakat Holding Company, who owns 25% and 50% respectively, wanted Dennis out.
Ron will sell his 25% stake in McLaren Technology Group and 11% stake in McLaren Automotive, and on completion of the transaction, the Bahrain Mumtalakat Holding Company and Mansour’s TAG Group will remain as majority McLaren Group shareholders.
Shaikh Mohammed bin Essa Al Khalifa will become McLaren Group’s Executive Chairman. Mike Flewitt, Jonathan Neale and Zak Brown continue in existing roles.
Below is what Ron Dennis had to say –
“I am very pleased to have reached agreement with my fellow McLaren shareholders. It represents a fitting end to my time at McLaren, and will enable me to focus on my other interests. I have always said that my 37 years at Woking should be considered as a chapter in the McLaren book, and I wish McLaren every success as it takes the story forward.
“Perhaps my greatest satisfaction is the Formula 1 team’s outstanding racing safety record, which is a tribute to the dedication and efforts of hundreds if not thousands of talented and conscientious employees whom I have had the privilege of leading.
“I will continue to consult for various companies and work with the UK Government’s Ministry of Defence Innovation Advisory Panel in helping to improve the technology, the culture and the organisations that together safeguard the UK’s national security.
“I will also continue to run my family’s charitable foundation – Dreamchasing – which focuses on mentoring and financing children and young people from all walks of life, so that they may aspire to and succeed in whatever their career dreams may be. It was working with Lewis Hamilton, whom I took under my wing when he was just 12 years old, and who became Formula 1 World Champion with McLaren in 2008, that inspired my idea to establish Dreamchasing as a charitable foundation.
“Now that my time at McLaren has come to an end, I will be able to involve myself in a series of other programmes and activities, especially those focused on public service. I will continue to indulge my passion for supporting contemporary artists and collecting their work, but most of all I will be driving new ideas and projects forward.
“Last but far from least, I wish McLaren well, and I send my greatest thanks and best wishes to my colleagues in all corners of its business, and at every level of seniority. Truly, they are the best of the best. And, well funded to succeed and grow, and led by an ambitious management team, McLaren is ideally poised to build on the successes that I am so proud to have contributed to during my time leading such a great British group of companies.”
Recommended for you
Leave a Reply
Note: Comments that are unrelated to the post above get automatically filtered into the trash bin.
