Miller, who became chief executive of GMG in July 2010, oversaw a business reorganisation that included a significant expansion in digital media distribution, a growing international presence, and an asset restructure culminating in the 2014 disposal of a majority stake in Trader Media Group – raising more than £600 million for long-term reinvestment in the core Guardian News & Media (GNM) business.
Under his leadership, says the company, GMG built up long-term reserves exceeding £850 million, including proceeds from other non-core disposals and the benefits of an ongoing efficiency programme. This has ensured that the Group complies with the core purpose of The Scott Trust, GMG’s sole shareholder, to secure the financial and editorial independence of the Guardian in perpetuity.
Neil Berkett, chair of GMG, said: “Andrew has done an outstanding job as chief executive, helping to transform the financial resources of GMG. When Andrew leaves in June, his lasting legacy will include a strong investment strategy, a healthy increase in underlying revenues, and an ambitious vision for the Guardian’s future. We have an experienced management and editorial team in place to realise that vision. The entire board would like to thank Andrew for his contribution to the Guardian’s success over many years.”
For the financial year to March 30, 2014, GMG reported revenues up by 7 per cent to £210 million, whilst operating losses narrowed by 27 per cent to £19.4 million – a figure more than covered by investment income. Digital revenues also rose by 24 per cent to almost £70 million, a growth trend that has continued in the current year.
“Having achieved our strategy to streamline the Group, secure its financial future and set it on the path to digital success, I have decided that mid-2015 will be the right time for me to explore new opportunities and for a new editor and chief executive to take the company on the next big phase of the Guardian’s digital growth and international expansion,” said Andrew Miller. “My successor will inherit a business with very strong commercial foundations in place.
“For me, it has been a privilege to help equip GMG for a sustainable financial future, securing the unique contribution made by the Guardian to national and international debate for many years to come.”
Throughout his tenure, Miller worked closely with Alan Rusbridger, editor-in-chief of the Guardian. Rusbridger announced in December 2014 that he will step down as editor-in-chief in summer 2015 after twenty years, following the appointment of his successor. He will become chair of The Scott Trust in 2016, when Liz Forgan reaches the end of her term.
Miller and Rusbridger worked together to expand the Guardian's global operations into the US and Australia, and repositioned the newspaper as a digitally-focused organisation. The Guardian, which this week completed the launch of its new website, has more than 100 million unique browsers a month, making it the most read quality newspaper website in the world, and is successfully increasing its revenues to improve its underlying profitability, says the Guardian.
Dame Liz Forgan, chair of The Scott Trust, said: “From his exceptional stewardship of our portfolio of assets to his unfailing support of our journalism, Andrew has been a tremendous champion of the Guardian. We owe him a great deal and wish him every possible success.
“GMG is entering a new period of growth, thanks to the strategic leadership of Andrew Miller and Alan Rusbridger. Together, they have positioned the Guardian to build on its worldwide audience and to capitalise on its new commercial and digital opportunities.”
The application process – which will be open to internal and external candidates – will be managed by an executive search firm and overseen by the GMG Board.
Andrew joined GMG as chief financial officer in 2009, and was appointed chief executive the following year. Before that, Andrew was for six years the chief financial officer at Trader Media Group (TMG), where he played a leading role in Auto Trader’s enormously successful transition from print to digital publishing.
Miller also worked at Pepsico's FritoLay division, Bass PLC and Procter & Gamble. He is a member of the Institute of Chartered Accountants of Scotland, having gained his accountancy qualification with Price Waterhouse. He is a non-executive director of The AA, Decoded and Top Right Group. He also sits on the Board of Governors of Benjamin Franklin House.
