Ron Dennis Asked To Quit As McLaren Chairman & CEO

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Ron Dennis is the current Chairman and CEO of McLaren Technology Group. He has now been asked to step down from his current role. This decision has been made by majority stakeholders at McLaren Technology Group.

Currently, Ron Dennis owns a 25 percent stake in the McLaren Group. Another 25 percent is owned by his business partner Mansour Ojjeh. The remaining 50 percent stake is controlled by Bahrain Sovereign Wealth Fund Mumtalakat.

McLaren and Ron Dennis have been synonyms in Formula One since 1980. Now, after 36 years he has been asked to step down, until his contract expires in January 2017. Ron Dennis had attempted to prevent his stepping down by involving a High Court injunction.

Under Ron Dennis leadership McLaren has won 20 Formula One World Championships. It has also spawned into an 850 million Pound a year business. There are 3,500 employees, directly and indirectly, working for McLaren Technology Group.

Unfortunately, Ron Dennis has also not been able to win over a new title sponsor for McLaren-Honda. Vodafone previously was their title sponsor in 2013, since then no title sponsor has been secured. As of now, it is unclear who could replace Ron Dennis at McLaren Technology Group.

Story first published: Wednesday, November 16, 2016, 9:45 [IST]
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