After many rumours it has been confirmed Ron Dennis has lost his CEO position at McLaren.
Following a boardroom struggle, Ron Dennis has been forced to step down from his position as chairman and CEO of McLaren, ending his long reign that transformed the team in to the second most successful outfit in Formula One.
Ron Dennis recently lost a High Court battle to stop fellow shareholders Mansour Ojjeh andthe Bahraini Mumtalakat investment fund from placing him on gardening leave.
In a statement from Ron Dennis: “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.”
After thanking Dennis for his “colossal” contribution, McLaren Technology Group has confirmed that it is now searching for a new CEO.
Good luck to them!