Nick Fry has been appointed non-executive chairman of McLaren Applied, the business’s first board-level hiring since it was acquired by Greybull Capital in August.

Fry is the former CEO of the Mercedes-AMG Formula 1 team, has held managing director positions at Aston Martin and Prodrive and is a veteran of various leadership roles at Ford.

McLaren sold its Applied technology division earlier this year as part of a major fundraising push. This also included the sale Woking headquarters for £170 million and a minority stake in the McLaren Racing F1 team fetching £185m. 

An injection of £550m was also compiled from a number of investors, including Saudi Arabia’s Public Investment Fund, last year.

“Nick is a recognised leader in both motorsport and automotive, having been deeply involved with both growth companies and large, complex organisations,” said Marc Meyohas, managing partner at Greybull Capital. “It’s a clear endorsement of the McLaren Applied strategy and roadmap that we can attract an individual of his calibre and expertise.

“This is going to be an exciting and rewarding period in our development, and Nick is going to be a valuable asset to us all.”

Fry added: “I’m delighted to be joining McLaren Applied. The company has a clear vision to pioneer a better future across its key markets of motorsport, automotive and transportation.

“I’m looking forward to working with this talented team as we launch innovative new technology, including high-performance electric powertrains components, connectivity solutions for public transport and new additions to our market-leading range of motorsport products.

“This is going to be a wonderful adventure helping the company achieve the success it richly deserves.”