Dennis to sell McLaren shares, formally leave
30 June 2017 – Ron Dennis has reached agreement with his fellow shareholders at the McLaren Technology Group and McLaren Automotive to sell his shareholding in both companies.
Dennis held a leading position at McLaren for 35 years but was pushed out towards the end of 2016, with Zak Brown arriving as the team's new Executive Chairman.
On Friday, it was announced that Dennis has agreed to sell his shares to the McLaren Group – the new holding company of McLaren Technology Group and McLaren Automotive.
Bahrain Mumtalakat Holding Company and TAG Group will remain as majority McLaren Group shareholders, with Shaikh Mohammed bin Essa Al Khalifa becoming McLaren Group's Executive Chairman.
On completion of the transaction, Dennis will step down as Chairman of both companies, and will continue to pursue his career as a consultant and entrepreneur.
Dennis celebrated his 70th birthday earlier this month.
Ron Dennis' statement:
"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."