THE executive chairman of Morgan Motor Company has stepped down. 

A statement has been issued by the prestigious car manufacturer, based in Malvern, that the firm has "agreed to the resignation" of Steve Morris - who has been with the firm for four decades. 

The statement says Lawrence Price will replace him.

Henry Frederick Stanley Morgan, known as HFS, founded the Morgan Motor Company (MMC) and was its chairman from 1937 until his death in 1959.

He was born in Stoke Lacy, near Bromyard.

The company said: "The board of Morgan Motor Company has agreed to the resignation of Steve Morris.

"He will be replaced by Lawrence Price a longstanding non-executive director, who will become non-executive chairman.

"This change will be effective on December 31, 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 chief executive officer 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, chief executive officer of Morgan, to continue the successful development of Morgan."

Mr Morris 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.

Hereford Times: FIRM: Morgan Motor CompanyFIRM: Morgan Motor Company (Image: Morgan Motor Company)

"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. 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.

"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.”

Mr Price said: “It has been a pleasure to work with Steve.

"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."