Ron Dennis has reached an agreement with fellow shareholders in McLaren Automotive and the McLaren Technology Group to sell his shareholding in both companies, the British automaker has announced in a statement.
In addition, the two companies will be brought together under one corporate structure, called the McLaren Group.
The 70-year-old has been at the helm of McLaren for some 37 years, with 51 years spent in Formula 1 and other top-level motorsport series.
During his time at McLaren, Dennis led the team to 158 Grand Prix wins and 17 Formula 1 World Championships, managing legendary drivers such as Niki Lauda, Alain Prost, Ayrton Senna, Mika Hakkinen and Lewis Hamilton.
In 2004, Dennis announced the launch of McLaren Applied Technologies, before six years later overseeing the formation of McLaren Automotive.
The McLaren Group says it is today valued at £2,4-billion (approximately R40,7-billion), with a combined turnover in 2016 of £898-million (about R15,3-billion), and that it employs more than 3 400 people.
“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,” said Dennis.
“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.
Dennis went on to confirm that he would “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”. He will also continue to run his family’s 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.”