Ron Dennis forced to stand down at McLaren

Record ID: 78710

  • Title: Ron Dennis forced to stand down at McLaren
  • Date: 15th November 2016
  • Summary: WOKING, ENGLAND, UNITED KINGDOM (FILE - JANUARY 15, 2009) (REUTERS) (VIDEO IS 4:3 CONVERTED) ****WARNING CONTAINS FLASH PHOTOGRAPHY*** MCLAREN TEAM PRINCIPAL RON DENNIS AT LAUNCH OF MCLAREN FORMULA ONE CAR FOR 2009 SEASON RON DENNIS BEING INTERVIEWED ABOUT HIS INTENTION TO STEP AWAY FROM FORMULA ONE OPERATION (SOUNDBITE) (ENGLISH) MCLAREN TEAM PRINCIPAL RON DENNIS SAYING: "My role is full executive chairman. I have many other responsibilities as CEO and my intention is to grow this group in a difficult economic time."
  • Embargoed: 30th November 2016 18:59
  • Keywords: Ron Dennis McLaren
  • Location: FILE
  • City: FILE
  • Country: United Kingdom
  • Topics: Motor Racing,Sport
  • Reuters ID: LVA00558K1MIN
  • Aspect Ratio: 16:9
  • Story Text: Ron Dennis has been forced to stand down as chairman and chief executive of McLaren, bringing to an end his 35-year involvement with the Formula One team.
    The 69-year-old relinquishes his duties at the team, who are the sport's second most successful despite not having won a race for four years, following a decision by the majority shareholders to place him on gardening leave.
    "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," he said in a statement on Tuesday (November 15).
    "The grounds they have stated are entirely spurious..."
    Dennis owns 25 percent of McLaren Group, while Bahrain's sovereign wealth fund Mumtalakat owns 50 percent and Saudi-born businessman Mansour Ojjeh, the CEO of TAG, holds the remaining 25 percent.
    Dennis, who has been involved with former champions McLaren since 1980 and is one of F1's biggest names, stood down as team principal in 2009 but returned as group chief executive in January 2014.
    The team's most recent world champion driver was Lewis Hamilton in 2008, but there have been many others including two times champion Mika Hakkinen, three times champion Ayrton Senna, Niki Lauda and Alain Prost during Dennis's time.
  • Copyright Holder: FILE REUTERS (CAN SELL)
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