An executive committee made up of McLaren's majority shareholders will take over the interim running of the company as it seeks a replacement for former CEO Ron Dennis.
On Tuesday evening, the McLaren Technology Group confirmed Dennis was no longer its CEO, following a statement from Dennis himself earlier in the day. The McLaren boss of 35 years claimed his fellow shareholders "forced through" the decision to put him on 'gardening leave' until the end of his current contract and spoke of his disappointment in their decision.
Dennis still holds a 25 percent stake in the company, but fellow shareholders Mansour Ojjeh (25 percent) and the Bahrain sovereign wealth fund Mumtalakat (50 percent) will take control of the company as they look for his replacement.
"As of this afternoon Ron Dennis no longer holds the position of Chief Executive Officer of McLaren Technology Group (or its subsidiaries)," the McLaren Technology Group statement said. "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."
American businessman Zak Brown has been named as a potential candidate for the vacant role, but has not made his future plans clear since stepping down as the CEO of the CSM marketing group in September. Brown has also been linked to a role with Liberty Media, which is in the process of purchasing Formula One's commercial rights.
Former Mercedes boss Ross Brawn has also been linked to the role, but in a recent ESPN interview he made clear that he had no intention of working for a team in Formula One again.