The two Mc Laren businesses will go forth under a new holding company called Mc Laren Group, with Bahrain Mumtalakat Holding Company and TAG Group remaining as majority shareholders of the new business entity."I am very pleased to have reached agreement with my fellow Mc Laren shareholders," Dennis said."It represents a fitting end to my time at Mc Laren and will enable me to focus on my other interests.He said: "I am disappointed that the representatives of TAG and Mumtalakat, the other main shareholders in Mc Laren, have forced through this decision to place me on gardening leave, despite the strong warnings from the rest of the management team about the potential consequences of their actions on the business."The grounds they have stated are entirely spurious; my management style is the same as it has always been and is one that has enabled Mc Laren to become an automotive and technology group that has won 20 Formula One world championships and grown into an £850million-a-year business.Racing legend Ron Dennis is selling his stake in Mc Laren Automotive and Mc Laren Technology Group and will step down as chairman after 37 years with the racing team and the company.His exit as chairman follows his departure from the post of CEO at Mc Laren Technology, with Shaikh Mohammed bin Essa Al Khalifa taking over the role of chairman of the two arms of the company.Setting out her 12-point ‘plan for Britain’, Mrs May said she was confident the EU would agree to tariff-free trade because it was the ‘economically rational’ thing to do.But, addressing stunned EU ambassadors, she threatened to set Britain up as a low-tax rival if European leaders tried to impose a punitive deal.
His ouster from the role of chairman and chief executive in November 2016 did not come without some controversy, with Dennis being placed on administrative leave that month ahead of the end of his contract."I am disappointed that the representatives of TAG and Mumtalakat, the other main shareholders in Mc Laren, have forced through this decision to place me on (administrative) leave, despite the strong warnings from the rest of the management team about the potential consequences of their actions on the business," Dennis said back in November 2016.Throughout that time I have worked closely with a series of talented colleagues to keep Mc Laren at the cutting edge of technology, to whom I will always be extremely grateful."Ultimately it has become clear to me through this process that neither TAG nor Mumtalakat share my vision for Mc Laren and its true growth potential.But my first concern is to the business I have built and to its 3,500 employees.I will continue to use my significant shareholding in both companies and my seats on both boards to protect the interests and value of Mc Laren and help shape its future.We would be free to strike trade deals across the world.