Ron Dennis, 69, gave up after being told by fellow shareholders on Tuesday that he should quit his position as chairman and chief executive of McLaren Group.
He did not wish to step down and failed in a High Court bid previous week to prevent McLaren putting him on ‘gardening leave’.
In a statement, Dennis stated he was “disappointed” and called the premises for his elimination “totally spurious”.
He stays on the boards of McLaren Technology Group and McLaren Automotive and keeps considerable shareholdings in both.
Dennis owns 25% of McLaren Group, Bahrain’s Mumtalakat investment fund owns 50% and the remaining 25% is held by Dennis’ long-time organisation partner Mansour Ojjeh, a Saudi-born Frenchman.
Dennis and Ojjeh, the chief executive of the TAG Group, fell out some years back and the 64-year-old Ojjeh has actually sided with the Bahrainis in attempting to eliminate his previous friend.
It was observed Dennis’ autocratic style was uncomfortable to growing McLaren in the future.
Dennis stated the other main investors “forced through” the decision “regardless of the strong cautions from the rest of the management team about the prospective effects of their actions on the business”.
He included: “My management design is the same as it has always been and is one that has made it possible for McLaren to become an automobile and technology group that has won 20 Formula 1 World Championships and become a ₤ 850m-a-year business.
“Eventually it has become clear to me through this procedure that neither TAG nor Mumtalakat share my vision for McLaren and its true development potential.
“My first concern is to business I have built and to its 3,500 staff members. I will continue to utilize my considerable shareholding in both companies and my seats on both boards to protect the interests and worth of McLaren and help shape its future.
“I intend to introduce a brand-new technology investment fund as soon as my contractual commitments with McLaren end.”
