Ex-Ferrari Chief Montezemolo Joins McLaren Board

Luca di Montezemolo, former long-serving Ferrari chief, has joined McLaren Group Holdings Limited as a director, becoming the ninth board member as confirmed by a Companies House filing. McLaren Group Holdings oversees McLaren Automotive and retains a minority stake in McLaren's Formula 1 team. Montezemolo's appointment comes after Abu Dhabi-based CYVN Holdings' takeover of McLaren Automotive and the appointment of Nick Collins as CEO. CYVN aims to expand McLaren's reach in the global high-performance and luxury automotive markets. McLaren Racing remains majority owned by Bahrain's sovereign wealth fund, Mumtalakat. Montezemolo's arrival is considered a strategic boost for McLaren as its F1 team is currently experiencing competitive success.