In a surprise announcement earlier today, McLaren CEO Mike Flewitt revealed that he will be stepping down from the company after an eight year run that saw Flewitt lead the company through some of its biggest triumphs as well as the challenges that were brought about by the ongoing COVID-19 pandemic.
Flewitt Was Instrumental In Adding More Green To McLaren’s Lineup
With Flewitt’s departure, he’ll leave behind a very potent legacy in the company’s history book. He was a key player in helping McLaren rapidly expand its operations in Asia while also pushing through several hybrid supercar offerings. The latter has become an important focal point for McLaren as the British supercar maker adapts to rapidly changing emission and fuel economy regulations. Some of these recent offerings include the recently launched Artura supercar which will be the spearhead of a broader hybrid and EV assault.
“I feel incredibly proud to have led McLaren Automotive through most of its first, highly-successful decade and am privileged to have played a part in the incredible McLaren story,” Flewitt said in a statement.
The Search For A New CEO Comes As McLaren Is Rebuilding
Flewitt’s departure also comes as the company is in the process of a rebuild. The British firm is under the control of the Bahrain sovereign fund Mumtalakat with the fund weathering the storm brought about by COVID-19 which stopped production and sidelined the company’s F1 Racing division. Part of this rebuild is being done with the help of strategic financial reshuffling with the company raising $755 million earlier this summer from existing investors and the addition of new backers Ares Management Corp. and Saudi Arabia’s Public Investment Fund. In addition, separate bond related items allowed the company to secure another $620 million.
In addition, the company has also resorted to some rather creative means to make extra money, with a notable example being the sale and subsequent lease back of its Woking, England headquarters. It will be interesting to see what the full results of the rebuild will look like especially once the COVID-19 pandemic subsides.
In the meantime, leadership will be split between two execs with Chairman Paul Walsh handling the sales side of the business while McLaren Group director Michael Macht will handle the technical and operational responsibilities.
Carl Malek has been an automotive journalist for over 10 years. First starting out as a freelance photographer before making the transition to writing during college, his work has appeared on numerous automotive forums as well as websites such as Autoshopper.com.
Carl is also a big fan of British vehicles with the bulk of his devotion going to the Morgan Motor Company as well as offerings from Lotus, MG, and Caterham. When he is not writing about automobiles, Carl enjoys spending time with his family and friends in the Metro Detroit area, as well as spending time with his adorable pets.