Dennis steps down from McLaren role

Ron Dennis has stepped down from his role as chairman and chief executive officer of the McLaren Technology Group.

Dennis last week failed in a High Court Bid to stop the McLaren board from placing him on gardening leave but on Tuesday fellow shareholders told him that he must give up his position.

The announcement brings to an end his 36-year stay with the team and in a statement he said he was 'disappointed' at the decision of the shareholders.

"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.

"The grounds they have stated are entirely spurious; my management style is the same as it has always been and is one that has enabled McLaren to become an automotive and technology group that has won 20 Formula One world championships and grown into an £850 million a year business.

"Throughout that time I have worked closely with a series of talented colleagues to keep McLaren at the cutting edge of technology, to whom I will always be extremely grateful."

Dennis holds a 25 per cent in the McLaren Technology Group but his relationship with Mansour Ojjeh, who also holds 25 per cent of the business, has deteriorated in recent years.

"Ultimately it has become clear to me through this process that neither TAG nor Mumtalakat share my vision for McLaren and its true growth potential," he added.

"But my first concern is to the business I have built and to its 3,500 employees. I will continue to use my significant shareholding in both companies and my seats on both boards to protect the interests and value of McLaren and help shape its future."

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