Boss of iconic British supercar maker steps down after merger with luxury EV brand as it eyes making cheaper motors
A MAJOR shakeup has hit a British supercar manufacturer as it's CEO has stepped down just weeks after the company confirmed its full-scale merger with an EV start-up.
Michael Leiters, who took the helm of the iconic McLaren Automotive three years ago, has exited with immediate effect.
4
4
Leiters will be succeeded by Nick Collins, former CEO of Forseven, who will now lead the newly formed McLaren Group Holdings.
McLaren said Leiters' "contribution and leadership were crucial to the company's transition, including important phases like the recapitalisation and change of ownership".
Leiters said: "I am honoured to have led McLaren Automotive over the past three years.
"I am thankful having worked alongside such a dedicated and talented team.
"I'm proud of what we've achieved together and confident that the business is on a strong path for success.
"I wish all involved the very best in the future.'
Leiters steered the luxury car manufacturer through a critical financial revamp and change in ownership.
McLaren was snapped up in December by Abu Dhabi 's investment group CYVN Holdings, which also owns Forseven - an all-electric car company.
The long-expected merger was made official on April 3.
During his time at McLaren, Leiters, a former Ferrari CTO who has also worked at Porsche, oversaw key launches like the hybrid Artura, the 750S supercar and the reveal of the wild W1 hypercar.
McLaren Automotive, which is a separate entity from their famous F1 team, was founded in 2010, with its headquarters based in Woking.
Under McLaren and Forseven's full-scale merger, all future cars will continue to wear the McLaren badge, with the Forseven one disappearing.
The supercar manufacturer was previously owned by Bahrain's Mumtalakat Holding Company.
It comes after an iconic sports car that was discontinued earlier this year "will be back without a doubt", the firm's boss has revealed.
Nissan released a heartfelt message for customers and fans of the iconic GT-R announcing its demise in February.
The GT-R R35, affectionately known as Godzilla, was first unveiled at the Tokyo Motor Show in 2007 before being updated many times, most recently in 2023.
Nissan's USA chief product planner, Ponz Pandikuthira, recently told Motor1: "Those big horsepower cars are simply not going to meet emissions standards.
"So it's a matter of where the tech catches up with us. Battery tech, motor tech, and it may take us a few years, but GT-R will be back, without a doubt."
4
McLaren's history
McLaren was founded in 1963 by New Zealander Bruce McLaren as a racing team.
The team entered Formula 1 in 1966 and became one of the sport's most successful names.
McLaren won its first F1 World Championship in 1974 with driver Emerson Fittipaldi.
It dominated F1 in the 1980s and 1990s with stars like Ayrton Senna and Alain Prost.
In 1992, McLaren launched its first road car, the McLaren F1, a record-breaking supercar.
After years partnering with Mercedes, McLaren began building its own engines and cars.
McLaren Automotive was officially launched as a separate road car company in 2010.
Its first modern supercar, the MP4-12C, debuted in 2011.
In 2022, McLaren launched the Artura, its first series-production hybrid.
In 2025, it merged with EV start-up Forseven as part of a shift toward electric vehicles.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Glasgow Times
32 minutes ago
- Glasgow Times
Retail giant announced shock closure of Glasgow Fort store
Scotts will shut down its shop at the East End leisure facility. A sign, which has been placed on the store's window, revealed the closure. It reads: "Closing down. Up to 70 per cent off." READ MORE: Global retailer opens stunning 'new' store at Glasgow shopping centre READ MORE: Major retailer to reopen its 'brand-new' store at Glasgow Fort (Image: Newsquest) According to Glasgow Fort's website, the retailer is known for selling some of the 'finest brands and premium fashion lifestyle outfits'. They also claim Scotts has been operating for more than 25 years. It sells brands including Adidas Originals, Lacoste, Fred Perry, and Pretty Green. At the moment, it is unknown why or when the shop will close its doors. Scotts has been contacted for comment. READ MORE: Major retailer suddenly closes down Glasgow Silverburn store It comes after we reported how Superdry recently closed down its store in Glasgow's Silverburn shopping centre. Signage revealed the closure of the British clothing firm's shop in the Southside leisure facility.
Scottish Sun
an hour ago
- Scottish Sun
My money rule to avoid arguments with my housemates and girlfriend – it's fair but not everyone will agree
We also reveal tips from a financial therapist on how to avoid rows over money BILL-IANT My money rule to avoid arguments with my housemates and girlfriend – it's fair but not everyone will agree THERE'S nothing more British than the silence at the end of a meal in a restaurant as you wait for someone to say how you'll split the bill. With my mates and girlfriend there's an unwritten rule that we always split the bill equally based on how many of us there are. Advertisement 1 Consumer Reporter Sam Walker's easy trick avoids money-based arguments Of course, this can get tricky if someone hasn't had booze or a much cheaper meal, as it can feel like they've got a raw deal. On the other hand, there's always one in every friendship group who orders an extra side and pudding. I can't help but feel a bit resentful that I'm funding their extra indulgence. So I wasn't surprised to hear that the number one issue that couples row about is money, according to Royal London. Advertisement It gets even more complicated when you go on holiday. I've often found myself in scenarios with mates where people have taken umbrage at having to split the cost of a night out the day after. Other times people have kicked up a fuss about splitting the cost of off the cuff activities. The bill splitting app I swear by A few years ago on a weekend away with University mates where we play sport, including football, cricket and rounders, one of my friends suggested we use Splitwise. Advertisement We were trying to figure out how to share the cost of all the food and drink we'd bought when one friend recommended using the app. It's free to download off the Apple App Store or Google Play and couldn't be easier to navigate. There's also a Pro version which costs £3.99 a month or £39.99 a year, letting you add an unlimited number of expenses and scan and add receipts to a running your running total. Once downloaded, you create a new group (of friends, family or between you and a partner) and can allocate a "type" to that group. Advertisement For example, you can make it a "trip", "home" or "couple"-based group. Once you've done this, you add any expenses to the group and can decide how it's split between the members. The options are: you paid, split equally you are owed the full amount someone else paid, split equally someone else paid and is owed the full amount Once you've added any expenses, they are added to a grand total which tells you whether you owe money, or are owed it. Advertisement How it has made my life easier Splitwise has easily become one of my most-used apps, especially since moving in with my partner a year ago. We use it to split the cost of the weekly food shop, monthly utility bills and takeaways. You might ask "why would you need a bill-splitting app" for these basic expenses, but in reality it's a lifesaver. Her job involves shift work and I work occasional weekends meaning we can sometimes go days without having a proper conversation. Advertisement So being able to quickly add a little Tesco Express basket of food or a holiday car rental cost to the app in a matter of seconds, and know how much each person owes, makes for a much more efficient way of tracking our shared expenses. Using the app for trips abroad with friends has been incredibly helpful as well, especially with larger groups. I've used it on stag dos where costs can quickly add up and various members of the group have different budgets and need to track how much they've spent. Putting everything through the app can avoid awkward conversations where you ask for a few quid back. Advertisement It might seem stingy that I'm quibbling with my girlfriend and mates over a couple of quid - but it can quickly add up and it really helps us all feel like things are fair. Other apps you could use Unsurprisingly, Splitwise is not the only bill-splitting app out there. There is also Settle Up which also comes in a basic free version and works similarly to Splitwise. You can also pay £3.99 a month for Premium which comes with no ads, charts and lets you scan receipts. Advertisement The app comes with a 4.8* rating on the Apple App Store, compared with 3.8* for Splitwise. Splid is another option which comes with no ads even in the free version. You can also choose to add expenses in 150 currencies while on the Apple App Store reviews show it with a 4.9* rating. Then there's acasa, which unlike Splid, Settle Up and Splitwise, lets you pay bills like council tax directly through the app. Advertisement It's free to download and comes with a 4.5* customer rating on the Apple App Store. How to avoid finance-based tension in relationships WE spoke to Vicky Reynal, financial psychotherapist, who shared her tips for avoiding arguments over money: Don't assume that everyone has the same money values People have different views when it comes to money: what's frugal or excessive, what's too risky vs. responsible, what's reasonable or petty. We can't assume that others will see what's right or fair the same way we'll see it come up all the time because we all have different views on what money is for and how it should be used. When conflict comes up, be curious not attacking When couples or close friends clash over money, the most powerful thing they can do is create a safe space for honest conversations - free from blame. Instead of trying to convince the other that they are wrong and you are right, try to be curious about why they might be seeing things their way and share how you feel about it. It can be helpful – particularly when couples have very different ways of handling money – to ask: 'What are the downsides of my approach to money?' and 'What are the upsides of theirs?' As an example, your caution might protect your future, but your partner's spontaneity might help you live more fully in the present. Once you begin appreciating each other's perspectives, it becomes easier to blend approaches and make collaborative financial decisions. Never rely on assumptions - be crystal clear in your financial agreements Common sources of conflict I see involve informal financial arrangements among loved ones: 'I thought it was a gift—now they're asking for it back.' 'I thought we were splitting the cost evenly'. The real issue usually lies in the lack of clarity from the start. People often avoid being specific because they don't want to make things 'weird' with someone they care about—but it's precisely because you care that it's essential to set clear, unambiguous expectations. Use financial tools and apps thoughtfully Apps like Splitwise or Monzo's shared tabs can be great tools for transparency but it's best when they are introduced early and used consistently. If you bring them in after tension has built, they can sometimes feel accusatory. Frame their use as a shared effort to be fair, not to keep score or place blame. If conflict persists, look at the bigger picture What I mean by this is that sometimes money conflict is not about money at all. Sometimes a friend making a big deal about £7 you owe them could actually be feeling owed a lot more (has she felt you have been a neglecting friend lately?). A partner who is uncomfortable because you spent 'too much' on a gift might be feeling they don't have enough to give you emotionally in the relationship. The point is: ask yourself whether there is a different message that you or the other are trying to convey through this financial conflict. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
STV News
an hour ago
- STV News
SNP calls on Labour to match Scottish Government action on poverty
Almost two million families would be lifted out of poverty if Labour matched Scottish Government action on the issue, the SNP has claimed. Ahead of the UK spending review, the SNP asked the House of Commons Library to produce an independent analysis on the number of British children in poverty and the impact that replicating Scottish Government policies across the UK would have. The research showed 1.83 million families would be lifted out of poverty if policies were matched, including abolishing the two-child benefit cap, scrapping the bedroom tax and raising the child element of Universal Credit to match the Scottish child payment, according to the SNP. Statistics showed a third of British children were anticipated to be living in poverty by 2029-30 unless action was taken. Sir Keir Starmer was urged to act on the figures ahead of the UK spending review on Wednesday amid warnings the number of British children living in poverty is expected to rise to a record 4.6 million by 2029-30. Over the past decade, the number of children living in poverty has risen from 3.7 million (27%) in 2013/14 to 4.5 million (31%) in 2023/24, the SNP said. The SNP said Scotland is the only part of the UK where child poverty is falling, due to 'bold' policies such as the Scottish child payment of £27.15 per child, per week, paid in addition to other benefits. Replicating it UK-wide, by raising the child element of Universal Credit by the same amount, would lift 732,000 families out of poverty, including a further 38,000 families in Scotland, analysis showed. The SNP said it has also mitigated the bedroom tax and is in the process of ending the two-child benefit cap in Scotland. It said replicating the policies would lift a further 609,000 British families out of poverty, with the combined impact of introducing all three policies lifting 1.83 million families out of poverty, including a further 75,000 in Scotland. The UK Government delayed its child poverty taskforce review to the autumn and last year Labour MPs voted against abolishing the two-child benefit cap, in a motion tabled by the SNP. The Chancellor has previously rejected proposals to abolish the bedroom tax. The SNP said the UK Government's own impact analysis showed planned cuts to disability benefits will push 250,000 more people into poverty, including 50,000 children, with families losing out on £4,500 a year on average as a result of the cuts, branding it 'shameful'. SNP work and pensions spokeswoman Kirsty Blackman MP said: 'The evidence shows Keir Starmer's Labour Government is keeping almost two million families in poverty by failing to match SNP action across the UK. 'It's shameful that UK child poverty is rising to record levels under the Labour Government, which has pushed thousands more children into deprivation by imposing punitive welfare cuts. 'It's vital that the Prime Minister finally listens to families struggling with the soaring cost of living – and takes the long-overdue action needed to end child poverty at the UK spending review this week. 'That means abandoning the devastating austerity cuts to disabled families, matching the Scottish child payment UK-wide, abolishing the bedroom tax and scrapping the two-child limit and benefit cap. 'With 4.5 million children living in poverty in the UK, only bold and immediate action will do. 'The two-child benefit cap and bedroom tax must be abolished immediately, but that alone isn't enough to end child poverty. It's vital the Labour Government matches the Scottish child payment by raising the child element of Universal Credit across the UK. 'Scotland is the only part of the UK where child poverty is falling – and families receive the best cost-of-living help of anywhere in the UK. 'Westminster must match this action – or it will leave millions more children languishing in poverty.' A UK Government spokesperson said: 'We are determined to bring down child poverty and we have already expanded free breakfast clubs, increased the national minimum wage for those on the lowest incomes, uprated benefits in April and supported 700,000 of the poorest families by introducing a fair repayment rate on universal credit deductions. 'We will also publish an ambitious child poverty strategy later this year to ensure we deliver fully funded measures that tackle the structural and root causes of child poverty across the country.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
