Ron Dennis loses CEO status at McLaren

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Written by Joe Holding
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F1 stalwart Ron Dennis has been forced to relinquish his status as chairman and CEO of McLaren Group, following a boardroom power struggle. It brings an end to an era in which he transformed the team into the second most successful outfit in the history of motorsport"s highest tier.Dennis who retains a 25 per cent stake in the company lost a High Court battle to stop fellow shareholders Mansour Ojjeh and the Bahraini Mumtalakat investment fund placing him on gardening leave for the final two months of his contract.The Briton had hoped to take overall control by buying TAG chief exec Ojjeh and Mumtalakat out of their respective 25 and 50 per cent shares. But a late, Chinese-backed bid to the tune of a reported 1.65bn failed to alter the status quo.In a statement, Dennis said that he was "disappointed" that his removal had been "forced through", claiming that the grounds for the move were "entirely spurious"."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."In addition I intend to launch a new technology investment fund once my contractual commitments with McLaren expire."While Dennis contemplates a future both inside and outside McLaren, he can look back on a career in which he has amassed a personal fortune worth hundreds of millions of pounds having started out as a mechanic with the Cooper F1 team back in 1966 at the age of 18.

Date written: 16 Nov 2016

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