McLaren Group COO Jonathan Neale to leave company after two decades


Neale originally joined McLaren as its Formula 1 operations director in 2001, before moving up to become the team’s managing director in 2005.

He helped play a part in the evolution of the squad as it grew stronger in that period before it helped Lewis Hamilton win his first F1 drivers’ world championship in 2008.

Neale remained in that role for several years, through many changes of team principals, before he became acting chief executive in 2015 as the team embarked on its new partnership with Honda.

At the time, his senior role meant he often represented McLaren in team meetings, including in F1’s Strategy Group.

As team boss Ron Dennis’ second tenure came to an end in 2016, Neale stepped away from any direct involvement with the day-to-day running of the F1 outfit as he became chief operating officer of the entire McLaren Group.

He has continued in that role, which encompasses McLaren Racing, McLaren Automotive and McLaren Applied Technologies, until now.

McLaren has confirmed, however, that Neale will be stepping down at an unspecified point later in the year.

Jonathan Neale, Managing Director, McLaren, and Andreas Seidl, Team Principal, McLaren

Jonathan Neale, Managing Director, McLaren, and Andreas Seidl, Team Principal, McLaren

Photo by: Steven Tee / Motorsport Images

The change comes with McLaren having undergone major business changes over the past few years in a bid to shore up its finances.

In July this year, the McLaren Group announced that it had been given a £550 million boost of fresh investment from Saudi Arabian backers.

It comes on the back of McLaren Racing selling a stake in its operation last year to a US-based consortium led by sports investment group MSP Sport Capital.

MSP acquired a 15% stake in McLaren initially, but could increase its shareholding to a maximum of 33% by the end of 2022.

As well as attracting new investors, McLaren also agreed this year a sale and leaseback deal for its McLaren Technology Centre to provide it with a boost of capital.

The £170 million sale was agreed with Global Net Lease, with the transaction due to be completed in the next few months. It will include a 20-year lease deal for McLaren.



Source link

More from author

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related posts

Advertismentspot_img

Latest posts

A Look At Iconic Trail Building on Vancouver’s North Shores

Trails on Vancouver’s North Shore are easily the most iconic in the sport of mountain biking. This style of trail building has been...

How to Wear TikTok’s Trending Boots for Fall

All the Ways to Wear is a monthly series in which...

Mission-driven ventures are growing fast during the pandemic – TechCrunch

Noorjit Sidhu Contributor Noorjit Sidhu is an early-stage investor at Plug & Play Ventures, focused on investments across data infrastructure and cloud, artificial intelligence, financial...

Want to stay up to date with the latest news?

We would love to hear from you! Please fill in your details and we will stay in touch. It's that simple!