The board of Morgan Motor Company have agreed to the resignation of Steve Morris, Executive Chairman. He will be replaced by Lawrence Price, a longstanding non-executive director, who will become Non-Executive Chairman. This change will be effective on 31 December 2022.

Steve began his career with Morgan as an Engineering Apprentice in 1983, exactly 40 years ago. He subsequently made his mark in a number of production and engineering roles before becoming Operations Director in 2004, Managing Director in 2013, then CEO and finally, Executive Chairman in April 2022.

Lawrence Price is the great grandson of the founder, HFS Morgan, and has long been closely associated with the company. He first joined the board as a non-executive director in 2012.

Going forward, Lawrence will work closely with Massimo Fumarola, CEO of Morgan, to continue the successful development of Morgan, rooted in the celebration of the essence of motoring and craftmanship. Functional design, honest engineering and an exhilarating driving experience will combine with higher quality refinement and customer engagement, while international exposure will ensure business growth.

Steve Morris, outgoing Executive Chairman, said:

'I am incredibly proud to finish my career with Morgan during my 40th year, the year I reached the pinnacle of the business in my role as Executive Chairman. Whilst this decision has not been an easy one to take, 2022 felt like the right milestone at which to change direction. Throughout my years in leadership of the business, I have focussed upon continuous, stable growth. A goal made possible thanks to the passionate management team and workforce. My respect for both is absolute, and I have taken enormous pleasure in building, nurturing and working alongside Morgan's people, they are without doubt the heart and soul of the business.

'I have simply too many positive stories to tell from my years at Morgan. Looking back on my adventures with Morgan, it is the friends, colleagues and experiences that I will cherish and miss the most. Moving on will not be easy for me, but as I close the chapter on a hugely significant era of my life, I look forward excitedly to the next.

'Needless to say, I leave Morgan, the management team and the entire workforce with my best wishes for every success in the future and warmly welcome Lawrence in his new role as Non-Executive Chairman.'

Lawrence Price, Non-Executive Chairman and great grandson of the founder, HFS Morgan, said:

'It has been a pleasure to work with Steve since joining the board as a non-executive director in 2012. His impact and importance to Morgan throughout his 40 years has been vast. He has led the business through significant change delivering sustained growth and financial success. These achievements enabled the introduction of new product lines and investment into the facilities, operations and team.

'The founding Morgan family, along with the wider family of customers, suppliers, dealers and employees owe enormous gratitude to Steve, and I know that his presence will be sorely missed by all. He leaves the business stronger than ever in the company's 113-year history.

'I wish him every success in his next endeavours and once again thank Steve for his undeniable role in making Morgan the success that it is today.'