Ron Dennis to step down as chairman of McLaren automotive and will sell his entire stake
Ron Dennis, chairman of McLaren Automotive, has announced he is selling his entire stake in the company after more than three decades.
Since 1980 he has helped transform McLaren from a company worth £3 million to one worth a staggering £2.4 billion.
In his extensive 37 years with McLaren he has witnessed more than 158 Grand Prix wins, and 17 formula one-world championships with legendary drivers including Niki Lauder, Ayrton Senna, Alain Prost and Lewis Hamilton.
Both Bahrain Mumtalakat Holding Company and the TAG Group will continue to be the main stakeholders, but now Shaikh Mohammed bin Essa Al Khalifa will take Ron's place as chairman.
Commenting, Dennis said: "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."
Despite him stepping away from racing, Dennis has said he will continue to work with the UK Government's Ministry of Defence Innovation Advisory Panel, advising on how to improve technology that helps safeguards the UK's national security.