Following the departure of Ron Dennis from the McLaren Technology Group, an executive committee will oversee the day to day operations of the company until a replacement CEO is found.
Following a crucial board meeting which took place yesterday (Tuesday) in Woking, Dennis was forced to step down from his role as Chairman and Chief Executive Officer.
A MTG press release praised the former McLaren boss for his "colossal" contribution to the company, insisting that the 69-year-old executive "will always be one of the true greats of the sport."
'As of this afternoon [Tuesday] Ron Dennis no longer holds the position of Chief Executive Officer of McLaren Technology Group (or its subsidiaries). However, he remains a shareholder and a director of McLaren Technology Group.
'Over the past 35 years Ron's contribution to the success of McLaren has been colossal. During his tenure the team won 17 World Championships and 158 Grands Prix, making him the most successful leader in Formula 1 history. Like the company's founder, Bruce McLaren, Ron is and will always be one of the true greats of the sport.
'McLaren Technology Group is now in the process of seeking a new Chief Executive Officer. Until such an appointment has been made, the company will be run on an interim basis by an Executive Committee comprising the Group's majority shareholders, in close collaboration with the Board of Directors and the senior management team, all of whom remain utterly committed to the company, its partners, its employees and its fans, and share a passionate determination to build on our many strengths towards future prosperity.'