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Motor racing-Chairman Ron Dennis to sell shares, step down from McLaren
June 30, 2017 / 9:12 AM / 3 months ago

Motor racing-Chairman Ron Dennis to sell shares, step down from McLaren

LONDON, June 30 (Reuters) - Ron Dennis, the chairman of McLaren’s Formula One and separate sports carmaker, will step down from his role at both firms and sell his shares, ending 37 years with the brand after a troubled relationship over recent months.

Dennis was ousted as McLaren chief executive in November 2016 when the majority shareholders put him on “gardening leave”.

McLaren’s sports car business, set up in 2010 to rival the likes of Aston Martin, has gone from strength to strength in recent years, posting a 70 percent rise in pre-tax profits on Thursday.

The Formula One team, however, has not won a race since 2012 and are currently last in the 10 team championship after embarking on a troubled partnership with their former engine suppliers Honda.

A new holding company called McLaren Group will be set up to combine the two operations, McLaren said on Friday. (Reporting by Costas Pitas and Alan Baldwin, editing by David Evans)

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