Charles Morgan ousted from Morgan Motor Company
10-16-13, 12:30 PM
#1
Charles Morgan ousted from Morgan Motor Company
Charles Morgan ousted from Morgan Motor Company
When a company is wholly owned by one family, you'd think it would be fairly easy for that family to retain control over said company. But in an odd turn of events, Charles Morgan has been ousted as head of the Morgan Motor Company.
The British manufacturer of retro sportscars replaced Charles Morgan (pictured above) as managing director of the company in March, promoting operations director Steve Morris (not a member of the family) to fill his role as Charles was to focus on expanding the company's global sales reach. But now Charles Morgan has apparently been removed from both the management team and the board of directors.
Whether this indicates a rift in the family or if the shareholders will soon overturn the management shuffle remains to be seen, but Autocar reports that Charles is fighting to regain control of the company his grandfather Henry Frederick Stanley Morgan founded over a century ago.
http://www.autoblog.com/2013/10/16/c...motor-company/
10-16-13, 03:48 PM
#3
Being Morgan is a smaller company it was probably easier for the Morgan Motor Company board to do this, than say at Ford. I can't imagine someone trying to take the reins from the Ford Family. This is sad news nonetheless though. I feel sorry for Mr. Morgan
10-16-13, 04:51 PM
#4
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I'm curious to find out more details as they emerge. Obviously this wasn't and overnight decision. Was it a coup or family backlash?
Someone ought to do this to Hennessey...
Someone ought to do this to Hennessey...
Last edited by Harbinger; 10-16-13 at 04:52 PM. Reason: fat fingers
10-17-13, 03:20 PM
#5
Lexus Fanatic
I can only imagine what it would feel like to lose everything your family has worked for for decades, and to add insult to injury the company has your name on it.
10-18-13, 05:10 AM
#6
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sounds like the board/shareholders were entirely dissatisfied by morgan's performance. pushed him aside, then pushed him out.
just because you have the family name doesn't mean you know how to run a business.
just because you have the family name doesn't mean you know how to run a business.
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10-18-13, 10:10 AM
#8
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10-21-13, 05:13 PM
#9
Charles Morgan fights for his family's car company
Charles Morgan fights for his family's car company
October 18 2013 - Statement from Charles Morgan
As has been widely reported, I have been asked to leave the Morgan Motor Company by the board. It is a sad decision that I am appealing; I remain a major shareholder in Morgan.
I'm proud to say I leave with the company's annual production volumes double what they were at the start of my tenure, with new export markets such as China opened to the company. Morgan remains a small but successful family firm.
I'd like to be clear that I am not a tycoon but a family man – I inherited a company not wealth – and unexpectedly leaving its employment will be a hardship for myself and my family. Being asked to leave the company that bears my name is also extremely personally distressing. That is made more painful as today marks 10 years since my father, Peter Morgan, died and I feel him in spirit with me in this dispute.
However my primary concern is completely for the company I have spent 30 years helping to build, and specifically for Morgan's employees, who I hold in the highest regard. I want nothing but success for Morgan Motor Company in the future and remain committed to this goal.
I am very grateful for the expressions of support received on twitter and elsewhere, particularly from the employees of Morgan.
I will be making no further statements for the time being.
- Charles Morgan
@charlesmorganuk
As has been widely reported, I have been asked to leave the Morgan Motor Company by the board. It is a sad decision that I am appealing; I remain a major shareholder in Morgan.
I'm proud to say I leave with the company's annual production volumes double what they were at the start of my tenure, with new export markets such as China opened to the company. Morgan remains a small but successful family firm.
I'd like to be clear that I am not a tycoon but a family man – I inherited a company not wealth – and unexpectedly leaving its employment will be a hardship for myself and my family. Being asked to leave the company that bears my name is also extremely personally distressing. That is made more painful as today marks 10 years since my father, Peter Morgan, died and I feel him in spirit with me in this dispute.
However my primary concern is completely for the company I have spent 30 years helping to build, and specifically for Morgan's employees, who I hold in the highest regard. I want nothing but success for Morgan Motor Company in the future and remain committed to this goal.
I am very grateful for the expressions of support received on twitter and elsewhere, particularly from the employees of Morgan.
I will be making no further statements for the time being.
- Charles Morgan
@charlesmorganuk
10-23-13, 05:29 PM
#10
Charles Morgan dismissal due to alleged misconduct
Charles Morgan dismissal due to alleged misconduct
If you've been following the news of Charles Morgan's dismissal from the Morgan Motor Company his grandfather founded over a century ago, and wondered why the family-owned company was letting him go, here's the answer.
According to Autocar, the cause for dismissal comes down to four counts of misconduct. The company alleges that Charles (1) falsely represented himself as chairman of the company after having been bumped down to strategy director, (2) supported the Oak Racing team and its Nissan-powered, Morgan-branded LMP2 effort without board approval, (3) divulged information of an impending revised Morgan 3 Wheeler to a group of owners, and (4) accepted payments for talks on his experience in Afghanistan and Iran without board approval.
The vote to dismiss Charles on these grounds was reportedly made by the board of Morgan Technologies, which consists of his sister, brother-in-law, two nephews and one niece as well as the company's managing director, finance director and the family lawyer. For his part, Charles refutes the accusations and intends to appeal the dismissal in court this Friday.
http://www.autoblog.com/2013/10/23/c...al-misconduct/
11-06-13, 12:31 AM
#12
Morgan board stands by decision to axe Charles
Morgan board stands by decision to axe Charles
In case you haven't been following, there's been a bit of an upheaval in the ranks of a small British automaker – cottage industry, really – called Morgan. The company is known for making retro sports cars just like they've been doing for the past century – sometimes with wooden frames or three wheels – and it's always been run by members of the Morgan family. Only a couple of weeks ago, the board kicked out the founder's grandson and successor Charles Morgan.
The board cited several counts of misconduct as their reason for ousting their one-time chief executive, but Charles vowed to fight back. Well, he's had a chance to appeal, and the decision apparently stands. Charles made his appeal to the board itself (and not before a third-party adjudicator), and while he plead his case, the board (made primarily of members of his family) refused to back down. The question now is what Charles Morgan will do next.
He's already retained counsel, which suggests he could be seeking legal recourse. With a 30 percent stake in the company that bares his name, he could attempt to lead a buy-out and retake control. Or he could branch out on his own and establish a rival operation, although while not unprecedented, that seems the least likely option. One way or another, we wouldn't expect him to take this all lying down.
http://www.autoblog.com/2013/11/05/b...harles-morgan/
11-06-13, 06:23 AM
#13
Lexus Fanatic
iTrader: (20)
12-05-13, 03:06 PM
#15
Charles Morgan refutes rival rumors
Charles Morgan refutes rival rumors
Whether the board of the Morgan Motor Company was justified or not in ousting its former chief executive from its ranks, you could understand that Charles Morgan might take a defiant stand. He is, after all, the grandson of the company's founder, and before the board stepped in, it was his show to run. But don't expect Charles to be starting up a rival outfit any time soon.
Rumors of Charles' possible intentions emerged after he reportedly indicated that he wanted to "stay involved in the car industry". But when contacted by Autocar for comment, Charles kiboshed the idea of establishing a rival operation. For one thing, Charles remains a major shareholder in the company he used to run. For another, he says there's just not enough room in the industry to support two Morgans.
He may be right, particularly with niche automakers across the UK and Europe going belly-up. Just don't tell that to the people behind Castle Three, which aims to take on Morgan in the retro three-wheeler business.
Rumors of Charles' possible intentions emerged after he reportedly indicated that he wanted to "stay involved in the car industry". But when contacted by Autocar for comment, Charles kiboshed the idea of establishing a rival operation. For one thing, Charles remains a major shareholder in the company he used to run. For another, he says there's just not enough room in the industry to support two Morgans.
He may be right, particularly with niche automakers across the UK and Europe going belly-up. Just don't tell that to the people behind Castle Three, which aims to take on Morgan in the retro three-wheeler business.
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