23/03/2024
NEWS STORY
McLaren Racing has announced that Zak Brown has extended his contract as Chief Executive Officer (CEO) until 2030.
The American, who initially joined McLaren Racing in 2016 as the Executive Director of McLaren Technology Group, assumed the role of CEO in April 2018.
"In his capacity as CEO, Brown has played a pivotal role in shaping the strategic direction of McLaren Racing, overseeing operational high performance across all of McLaren's race teams and driving significant marketing and commercial development," said the team in a statement.
"Zak has demonstrated exceptional leadership qualities and has been instrumental in driving McLaren Racing forward," said McLaren Group's Executive Chairman, Paul Walsh. "His extension reflects our confidence in his ability to lead the team to even greater success in the years to come."
"I am thrilled to continue leading McLaren Racing and to be a part of such a historic race team," added Brown. "It is a privilege to work alongside the talented men and women across McLaren Racing's different race series. Together, we will continue to push the boundaries of motorsport and strive for the highest performance on and off the track."
Meanwhile, with slightly less fanfare, McLaren Group Limited announced that its capital reorganisation has been completed.
Under the reorganisation, long-term strategic investor Bahrain Mumtalakat Holding Company ("Mumtalakat"), the sovereign wealth fund of the Kingdom of Bahrain, takes full ownership of the share capital of the Group following the conversion of all preference shares into ordinary shares.
"We are delighted at Mumtalakat's continued commitment to McLaren through this deal, which strengthens our ownership and governance structure," said Walsh. "This will further enable us to focus on delivering our long-term business plan, including investment in new products and technologies, whilst continuing to explore potential technical partnerships with industry partners."
"Today's announcement crystallizes the next phase of the company's trajectory of growing its leadership position in the luxury super car and motorsports industries," added Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat. "This reorganisation and new simplified structure positions McLaren for success and opens up strategic avenues, which include exploring new partnerships to enhance the company's growth over the coming years.
"The completion of this process is also a significant milestone that reflects our support for McLaren's continued innovation and long-term commitment to excellence."
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