McLaren has denied a report published by a British newspaper claiming that long-time shareholder Mansour Ojjeh had relinquished all his Director positions with the company.
The story published by the Independent and penned by one Christian Sylt, and which has since been updated, alleged that company documents indicated that Ojjeh - a McLaren man for the past 35 years - was no longer listed as a director of McLaren since July 26.
"The story in the UK’s Independent by Christian Sylt is entirely misleading," said the team, adding that the company had not been approached prior to publication to check whether any of the details contained in it were accurate.
"Mansour Ojjeh has not left the business and remains a director of McLaren Group, the second largest shareholder and a fully involved member of the Executive Committee of McLaren," said the company.
McLaren added that it is "in the process of simplifying our corporate structure following the reorganisation of the group last year."
"An important part of this has been the decision of the McLaren Group to populate its operating subsidiary company boards with purely executive directors, rather than some non-executives, hence the various resignations. Mansour is simply one of those non-executive directors.
"However, the executive directors that have all decided to resign from the subsidiary company boards obviously remain as directors of the parent company, McLaren Group Limited.
"Nothing in practice has changed other than a decision that makes for a more efficient and practical process."
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