Ron Dennis sells stakes in McLaren, steps down from board

Seven months after Ron Dennis was forced to step down as the Chairman of the McLaren Group, the 70-year old has sold his stakes in the company and has also resigned from the board of directors. Dennis held 25% stakes in the British firm, which have now been sold to the company's two major shareholders - Mumtalak and Mansour Ojjeh.

Ron Dennis' exit from the McLaren group ends his 37-year stint with the company. The chief reason behind his removal from the post was that his personal and professional relationship with McLaren co-owners soured over a few years ago. The group's shareholders had united to state that Ron's working style had become autocratic in nature, thus making it difficult to work in harmony under his leadership.

During his time at McLaren, Ron Dennis had contributed to various verticals of the company. However, his most popular contribution was during his leadership of the automaker's Formula 1 arm. Under his leadership, the McLaren F1 team managed to win 7 constructors' championships and 10 drivers' titles.