McLaren CEO steps down after eight years

McLaren has announced Mike Flewitt will step down from his role as CEO after eight years at the helm.

Flewitt led McLaren through a period of expansion, overseeing the introduction of models such as the McLaren GT, Artura, Senna, Speedtail, and Elva.

“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.

“This young company’s success is testament to the many passionate and talented people I have had the pleasure of working with and I look forward to seeing that success continue.”

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The UK supercar maker says it is currently searching for a successor, but the announcement has raised concerns that the company may be in a more dire financial situation than previously thought.

In April, McLaren sold its award-winning headquarters for £170 million (AU$311 million), in a deal that sees the manufacturer remain at the site for the next 20 years.

Further fundraising exercises have continued throughout the year, according to Bloomberg, through the sale of shares and bonds.

McLaren non-executive director Michael Macht will take over all technical and operational functions, while sales and marketing will report to executive chairman Paul Walsh.