Morgan has changed its top management structure to create separate roles for CEO and executive chairman, in a move that it said will strengthen its management structure and futureproof it for the fast-approaching electrification era.
Former chairman and CEO Steve Morris takes the position of executive chairman. A new CEO, Massimo Fumarola, has joined from Lamborghini, where he was chief project management officer and a member of the board.
Fumarola describes himself as “a lifelong admirer of Morgan” and is understood already to have moved house to Malvern, close to the 113-year old company’s factory at Malvern Link, in advance of his new appointment.
Morgan says the two men will work together on “the strategic growth of the business”, driving the development of new products beyond the recently launched Morgan Super 3, and especially on promoting the company globally and advancing Morgan’s ESG electrification strategy.
The reorganisation is the biggest management shake-up so far since Italian private-equity firm Investindustrial, also an investor in Aston Martin, acquired a majority stake in Morgan from the founding Morgan family in March 2019.
Morris had previously been Morgan’s managing director but took the dual role of chairman and CEO at the time of the acquisition. This year he celebrates his 40th year with the company, having started there from school as an apprentice.
Morris hailed Fumarola’s arrival as “an extremely important appointment” for Morgan, claiming his colleague’s arrival comes as the company is “perfectly primed and positioned for future growth”.
Fumarola says he wants to work with Morris to “amplify” everything Morgan stands for. “For me, a Morgan is the best combination of pure vehicle dynamics, lightweight design, driving pleasure and courageous engineering,” he said.