Morgan out of Morgan
Charles Morgan has lost his appeal against dismissal from the company that bears his name, so while he continues to own 30 per cent of Morgan shares and is still a beneficiary of the trust that owns the majority of the remainder, he will no longer play any part in the running of the business.
And while the official reasons for his dismissal have been cited as a series of minor managerial transgressions, it is widely believed that his departure is down to a fundamental disagreement with other board members (including other members of the Morgan family) about the firm’s future direction.
Charles Morgan is believed to want to expand the business with new models and into new markets, while those now in charge favour a more cautious approach of consolidation.
Since he has been in charge, Charles Morgan has been responsible for models including the Aero 8, AeroMax and, most notably, the 3-Wheeler that reintroduced Morgan to the US with considerable success and is credited in part with the company’s return to profitability. He also returned Morgan to Le Mans. Rumours persist that he is considering trying to raise the money required to buy his family out of the business and return to its helm.