McLaren have confirmed that Ron Dennis has stepped down as chairman of the company and has sold his stake in the business for a reported £275 million, valuing the automotive group at more than £2 billion – making it one of the most valuable privately-owned companies in the UK. Dennis, who joined the McLaren F1 team back in 1980 and transformed the business in to what it is today; an automotive and technology market leader, will have no involvement going forward. It follows a falling out between himself and other shareholders which led to him being ousted as chief executive last November. Dennis remained chairman after that and retained his 25 per cent shareholding in the...
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