Former McLaren CEO Ron Dennis is set to sever all ties with McLaren, a team he's had an association with from the early 80's. Dennis was placed on gardening leave at the end of last season after losing control of the board.
Now, he will be cutting himself from the team, selling his shares which are worth a reported £275 million. A confirmation of the separation between McLaren and Dennis is expected Friday morning. According to sources, the McLaren Technology Group and McLaren Automotive Limited now merge under the name McLaren Group. Dennis was at the helm of McLaren for more than 35 years, bringing great success.
"I am very pleased to have reached agreement with my fellow McLaren shareholders," Dennis said in a statement. "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."
He continued: "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."