Ron Dennis has today brought his 43-year association with Formula One to an end.
Confirming a restructuring of the McLaren Group, Dennis has stepped down as chief executive officer of McLaren Racing, passing on all responsibility to team principal Martin Whitmarsh.
The 61-year-old is to focus on the automotive side of the company, with the aim to launch a new McLaren sports car in 2011.
It was in 1966, at the age of 18, Dennis first became involved in F1, working alongside driver Jochen Rindt at the Cooper Formula One team.
There followed a three-year spell with Brabham prior to Dennis working on a number of projects in Formula Two and Three for a decade.
However, Dennis longed to return to F1, and in 1981 the opportunity eventually arose with McLaren, with the then 34-year-old assuming full control, building it up into the company it has become today.
Although the global credit crisis has had a major impact on the car industry, Dennis is determined to plough ahead with his plans for a revolutionary new sports car.
McLaren Automotive is intending to raise fresh equity, in addition to the existing investment in the business, to complete the development of the planned vehicle programmes.
Dennis added: 'With planned additional investment in the company of 250 million, proposals in place for a new McLaren car production facility in the UK, and the potential for up to 800 skilled jobs, McLaren Automotive's expansion will represent a significant investment in the UK automotive industry.'
On 1 JuneRichard Lapthorne, currently chairman of Cable and Wireless, will be appointed non-executive chairman of the McLaren Group, and a non-executive director of McLaren Automotive.
