By on October 18, 2013

From Charles Morgan’s personal blog.

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

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14 Comments on “Charles Morgan Issues Statement About Eviction from Family Owned Car Maker...”

  • avatar

    I wish he’d of said something about why he’s being asked to leave. If it would generate negative public opinion toward the board’s decision, it’d further his cause of an appeal.

    That being said, do you really want to work somewhere where you had to get a board exception/reversal to get your job back? They’d be looking for reasons to fire you from that point forward – constantly.

  • avatar

    Sad. I wonder what the underlying reasons were.

  • avatar

    Broadly speaking, these situations usually boil down to some combination of 1) disagreement over the future direction of the company, and 2) personality clashes. Reading between the lines of his statement, I’d bet on a little of both in this case.

  • avatar

    I would not be at all surprised if some of the other family owners want to position the firm for a public offering so they can cash out. Public ownership, or a buyout by a large firm, would likely kill the whole organization by increasing pressure to make quarterly earning reports, etc. Greed kills a lot of family firms as ownership gets spread out over multiple generations and family branches.

  • avatar

    I, too, would like to hear more about why the board felt it had to sever all ties with the Morgan family, as far as the running of the company is concerned. Until then, I’ll side with Charles and his family. The board must have known that asking him to leave wasn’t going to be the end of the matter. Maybe, we can get Morgan scribe Gregory Houston Bowden to look into why things came to this point.

  • avatar

    No calling down the company or the people, no mud-slinging. Good for him. Leaving as a gentleman.

  • avatar

    This sounds like a similar story to Pete Karmanos (Compuware) and George Zimmerman (Men’s Wearhouse): The board cares less about the history and long-term future of the company than it does about current stock prices. What usually happens after this is the dissolution of the company.

  • avatar

    I wouldn’t be surprised shortly after this that we hear about Morgan selling itself to some much larger company.

  • avatar

    Now we know where Mulally’s going.

  • avatar

    The earlier post nailed it. Family wants to cash in. He wanted to continue his father’s legacy. No room for sentiment here. Business is business. The bahstahds!
    RE: Men’s Warehouse. I will never go there again. But they won’t care. I’m not part of their newly targetted under 40 demographics anymore.

  • avatar

    I once worked at a private company that was pressured to go public “so people could benefit from their shares” or in other words cash out. A few years later GE came along and bought the whole company, again it was the family of one of the deceased founders who pressured the deal. Sad to see it all go. GE promptly stripped what they wanted and jettisoned all the rest.

    The days of family run or owned companies is coming to an end.

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