The ousting of Charles Morgan from the board of Morgan is a mistake
These are turbulent times for the British motor industry. Aston Martin’s disastrous Cygnet caused losses of £34.1 million, Land Rover have axed the Defender and now Morgan have removed Charles Morgan from their board.
Two stories to keep beside you
Wally of the Week – Piers Morgan
Piers Morgan toadying up to Donald Trump over the terror attacks in Brussels can only be described as utterly repugnant
Cygneting a disaster
Losses of £34.1 million follow in the wake of Aston Martin’s Cygnet’s failure Aston Martin makes wonderful sports cars. Given reports that the company lost £34.1 million in 2012, they should perhaps stick to that.
Following the Worcestershire based car company’s decision, Charles Morgan issued a statement on his blog on Friday. In it, he commented:
“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”.
Charles Morgan has a thirty per cent shareholding in Morgan and is also one of the beneficiaries of a trust whose two trustees control an additional forty-eight per cent of the company. He has been described as the brand’s “lifeblood” and joined the firm in 1985.
Justifying their decision, however, the carmakers issued the following statement:
“The Morgan family recognises the management contribution that Charles has made to the family business as strategy director, and confirm that he remains a shareholder”.
“However, to ensure continuing success, Morgan must look to strengthen and review its strategies, and acknowledge that our management team are better placed to steer the company in the future”.
In our view, Morgan have made a terrible mistake in axing a visionary who has successfully steered his firm into the twenty-first century. Charles Morgan should be reinstated.
Subscribe to our free once daily email newsletter here:[contact-form-7 id=”225″ title=”Contact form 1″]
Readers have their say
2 comments
Scandalous – they are making a huge mistake. They need Charles to stay for the heritage of the company. Even Louis Vuitton still employ Patrick Louis Vuitton – its a must in a prestigious luxury empire to have an this vital link with the family that bears its name.
Shame on the directors. Family corruption led by corporate greed.