Ron Dennis reached agreement with his fellow shareholders in McLaren Technology Group and McLaren Automotive to sell his shareholding in both companies.
Ron celebrated his 70th birthday on June 1st, 2017, after 37 years at the helm of McLaren, and 51 years spent working in Formula 1 and other top-level motorsport series.
During his 37 years at McLaren, Ron led the team to 158 Grand Prix wins and 17 Formula 1 World Championships. He managed some of the greatest drivers in the history of motorsport. Niki Lauda, Alain Prost, Ayrton Senna, Mika Hakkinen, Lewis Hamilton all won World Championships under Ron’s management.
In 2004 Ron announced the launch of McLaren Applied Technologies, which focuses on applying motorsport-bred innovations and technologies so as to improve the performance and product innovation of blue-chip companies in a wide variety of industries.
In 2010 Ron oversaw the formation of McLaren Automotive, now one of the world’s leading manufacturers of high-performance sports cars.
McLaren International came to life at 18 December 1980. Then Ron merged Team McLaren with his own company, Project Four. Its value then was £3 million. Fewer than 100 people were employed by the new company at that time. In the 37 years since then, supported by the investment of TAG Group in 1984, Ron has presided over a period of remarkable and prodigious growth. The McLaren Group is today valued at £2.4 billion.
Ron Dennis CBE said:
“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. It 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.
“I will continue to consult for various companies. And work with the UK Government’s Ministry of Defence Innovation Advisory Panel.
“I will also continue to run my family’s charitable foundation – Dreamchasing. It focuses on mentoring and financing children and young people from all walks of life, so that they may aspire to and succeed in whatever their career dreams may be.”
Dennis explained the inspiration for the foundation was his work with Hamilton. He took the driver under his wing when Lewis was 12. In 2008 the Englishman became Formula 1 World Champion with McLaren.
“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.
“Last but far from least, I wish McLaren well, and I send my greatest thanks and best wishes to my colleagues in all corners of its business, and at every level of seniority. Truly, they are the best of the best. And, well funded to succeed and grow, and led by an ambitious management team, McLaren is ideally poised to build on the successes that I am so proud to have contributed to during my time leading such a great British group of companies.”
Shaikh Mohammed bin Essa Al Khalifa (Executive Chairman and Executive Committee principal) said:
“I would like to pay tribute to Ron’s immense contribution to the McLaren success story over the past 37 years.
“Ron rewrote the record books in the 1980s and 1990s. But it was not routine. It was, in fact, the result of a lot of clever thinking and a huge amount of extremely hard work.
“That ethos remains at McLaren. And I am very proud now to be assuming the position of Executive Chairman, alongside Mansour, my fellow Executive Committee principal.
“There will be a time in the near future to outline our plans. But now, today, it is appropriate that we pause to express our gratitude to Ron. So, on behalf of McLaren and all who sail in her, may I say three heartfelt words: thank you, Ron.”
Ron Dennis is to sell his stake in McLaren Group for some £275 million pounds tomorrow, ending his involvement with the team. #F1
— F1 Paddock Pass (@F1PaddockPass) June 29, 2017