McLaren has outlined its head management structure after the departure of Ron Dennis as chairman and CEO.

Dennis confirmed he has been placed on gardening leave for the remainder of his current contract which expires in January and has stepped down as chairman and CEO but remains a shareholder and director of the McLaren Technology Group as he keeps hold of his 25% share.

READ: Ron Dennis steps down as McLaren chairman

Looking to temper speculation on who will replace Dennis at McLaren, with Liberty Media's Zak Brown being rumoured with his new links to F1, the Woking-based team has released a statement explaining its current management organisation and its future plans.

McLaren confirmed it is currently seeking a new CEO and during the current interim term the company will be run by an executive committee.

It will consist of the group's majority shareholders in partnership with the Board of Directors - potentially containing Dennis - and other senior management members.

LAST WEEK: Dennis set to be ousted from McLaren over takeover bid

The British team also stressed to explain Dennis has relinquished his duties as Chairman and CEO but will remain as CEO until the end of his contact tenure.

Dennis has been at the helm of McLaren for over 35 years but last week a High Court injunction was rejected which aimed to prevent him being ousted from his role that signalled the end of his control at the company.

Dennis has confirmed while remaining a key shareholder he will look to move on in 2017 to set up a new technology investment fund.

The 69-year-old guided McLaren to 12 F1 drivers' titles and eight constructors' titles but the team hasn't won a race since the 2012 Brazilian Grand Prix and its most recent collaboration with engine supplier Honda has struggled to yield results.

McLaren currently sit sixth in the F1 world constructors' championship having improved upon its worst-ever season in the sport in 2015 when it finished ninth and recorded just six top ten finishes between its two drivers Jenson Button and Fernando Alonso.

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