McLaren boss Dennis steps down as chairman and CEO

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Ron Dennis has been placed on gardening leave after stepping down as chairman and chief executive officer of the McLaren Technology Group.

The long-serving boss confirmed that he had been forced to resign by fellow shareholders at a meeting on Tuesday.

Dennis has become the most successful team principal in the history of Formula 1 since taking charge at McLaren at the end of the 1980 season, but his long tenure has now come to an end.

The 69-year-old said in a statement: "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 at the management team about the potential consequences of their actions on the business.

"The grounds they have stated are entirely spurious; my management style is the same as it has always been and is one that has enabled McLaren to become an automotive and technology group that has won 20 Formula One world championships and grown into an £850 million a year business.

"Throughout that time I have worked closely with a series of talented colleagues to keep McLaren at the cutting edge of technology, to whom I will always be extremely grateful.

"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. 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.

"This will capitalise on my expertise, my financial resources, together with external investment to pursue the many commercial opportunities I have been altered in recent years but have been unable to take up while being so committed to the existing business."