New McLaren Group acquires Ron Dennis’s shareholdings in McLaren Automotive and McLaren Technology Group
30 Jun 2017
- Ron Dennis, Chairman of McLaren Automotive and McLaren Technology Group, has agreed terms to sell his shareholdings in both companies
- The formation of the McLaren Group – the new holding company of McLaren Technology Group and McLaren Automotive – will underpin the continuing rapid growth of McLaren’s businesses and brand
- The Bahrain Mumtalakat Holding Company and TAG Group will remain as majority McLaren Group shareholders
- Shaikh Mohammed bin Essa Al Khalifa will become McLaren Group’s Executive Chairman
- On completion of the transaction, Ron Dennis will step down as Chairman of both companies, and will continue to pursue his career as a consultant and entrepreneur
(Woking, UK): Ron Dennis CBE has reached agreement with his fellow shareholders in McLaren Automotive and the McLaren Technology Group 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, managing some of the greatest drivers in the history of motorsport (including Niki Lauda, Alain Prost, Ayrton Senna, Mika Hakkinen and Lewis Hamilton, who all won World Championships under Ron’s management) as well as the world-renowned Le Mans 24 Hours race in 1995.
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.
On December 18th 1980, Ron merged Team McLaren (as it was then known) with his own company, Project Four, to form McLaren International, then valued at £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, had a combined turnover in 2016 of £898 million, and now employs more than 3400 people.
Ron Dennis CBE 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.
“I will continue to consult for various companies and work with the UK Government’s Ministry of Defence Innovation Advisory Panel in helping to improve the technology, the culture and the organisations that together safeguard the UK’s national security.
“I will also continue to run my family’s charitable foundation – Dreamchasing – which 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. It was working with Lewis Hamilton, whom I took under my wing when he was just 12 years old, and who became Formula 1 World Champion with McLaren in 2008, that inspired my idea to establish Dreamchasing as a charitable foundation.
“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.
“As soon as he had taken over the running of the team in the late autumn of 1980, it was immediately clear that here was a man whose ambition to surpass the achievements of all previous Formula 1 team principals would not be checked. Together with Mansour Ojjeh of TAG Group, whom Ron soon introduced to McLaren and whose support has been invaluable to its success for a third of a century, Ron rewrote the record books in the 1980s and 1990s, winning Grands Prix and World Championships as a matter of apparent routine. 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, who will continue to work with me to drive McLaren Group forward to new successes.
“There will be time in the near future to outline our plans, for the coming months and years will be an extremely exciting time in the story of McLaren. 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.”
Notes to Editors:
A selection of high resolution images accompanying this release is available to download from the McLaren Automotive media site – cars.mclaren.press
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McLaren Automotive is a British manufacturer of luxury, high-performance sports and super cars, located at the McLaren Technology Centre (MTC) in Woking, Surrey. For the past 30 years, McLaren has pioneered the use of carbon fibre in vehicle production and since introducing a carbon chassis into racing and road cars with the 1981 McLaren MP4/1 and 1993 McLaren F1 respectively, McLaren has not built a car without a carbon fibre chassis.
Following the global launch of McLaren Automotive in 2010, the groundbreaking 12C was revealed in 2011, the 12C Spider in 2012, and the limited-run McLaren P1™ went into production in 2013. In keeping with its plan to introduce a new model each year, the company unveiled the 650S, in Coupé and Spider form in 2014, while 2015 proved to be a year of unprecedented growth of the product portfolio with five new models launched across the full range. The strictly limited edition 675LT Coupé premiered at the Geneva Motor Show alongside the track-only McLaren P1™ GTR which, with 1,000PS, became the most powerful model ever produced by the brand. The much-anticipated Sports Series became the third – and final – model tier in the McLaren range with the 570S Coupé and 540C Coupé debuting in New York and Shanghai respectively, less than one month apart. The end of 2015 saw the launch of the fifth model, the 675LT Spider, which was as a direct response to customer demand. The year also saw the end of production for the first model in the Ultimate Series as the 375th McLaren P1™ was completed, closing what had become a defining year for the British brand. 2016 continued where 2015 had left off with the introduction of the 570GT - a second bodystyle for the Sports Series and the most luxurious car McLaren has ever built, as well as the 570S GT4 and 570S Sprint track variants. 2016 also marked the introduction of the company’s new business plan, Track22, which sees the company investing £1B in Research and Development to deliver 15 all new cars or derivatives by the end of 2022, of which at least 50% will feature hybrid technology. The uplift in sales in 2016 also saw the launch of the second shift at the McLaren Production Centre as well as the company’s third year of profitability in just six years of trading. In March 2017, the second-generation Super Series was introduced at the Geneva Motor Show with the global premiere of the McLaren 720S. The first-ever Sports Series convertible, the McLaren 570S Spider, was launched in June 2017.
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