The McLaren Technology Group (MTG) has announced Zak Brown as their new executive director. The 45-year-old will start work from next month.
The decision to appoint Brown as the new executive director was followed by the ousting of Ron Dennis. Dennis was forced to relinquish his position as Chief Executive Officer (CEO) at MTG after a meeting with the shareholders.
“I’m immensely proud to be joining McLaren Technology Group. I have the utmost respect and admiration for what the business has achieved to date, and I look forward to contributing to the next important phase in its development.” Brown said, as reported by F1.com.
McLaren has confirmed that they will continue their search for a new CEO. MTG has described the appointment of Brown as “a significant part of a restructuring programme”. They have taken the decision with an eye of achieving success in Formula 1 (F1).
Brown received offers from both McLaren and Liberty Media, according to several reports. However, Brown chose to go with the McLaren job and informed F1’s commercial rights holders about his decision, according to Sky Sports.
At MTG, Brown will work alongside Jonathan Neale. Neale, who is the chief operating officer, will lead the business together with the former chief executive of the CSM sport marketing and entertainment group.
Brown is a familiar face within the F1 paddock. His is involved in many high profile sponsorship deals through his company JMI. The deals include Johnnie Walker, GSK, Hilton, Lenovo, Chandon and NTT.
Ron Dennis to claim damages?
McLaren warned the team about losing up to $200 million as sponsorship damages, should Ron Dennis be ousted from his position, according to reports.
Dennis is now considering options on whether to claim damages against his fellow shareholders in the McLaren Technology Group, according to The Sunday Times.
McLaren, who is still considered as a F1 superpower, has won only one world championship in this century. The team celebrated its last F1 race victory back in 2012.
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