Michael Stutchbury, editor-in-chief of The Australian Financial Review, has announced he will retire next month after 13 years in the role and will be replaced by Walkley Award-winner and former executive editor of The Sydney Morning Herald and The Age James Chessell.

Stutchbury, the AFR’s longest-serving editor, told staff today that the publication has never been more profitable.

“In contrast to 13 years ago, the Financial Review has never been more deeply embedded into the business community,” he said.

Chessell, who takes over as editor-in-chief on August 12, praised his former boss. “I’m very excited about taking over from Stutch, who is the best editor I’ve worked for bar none,” Chessell said.

Managing Director of Nine Publishing, Tory Maguire, said Stutchbury was leaving the Financial Review in a powerful position and deserved enormous credit for building the masthead into arguably the most successful digital subscription publication in the country.

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“Michael Stutchbury’s legacy at the AFR is immense, having led the newsroom through a period of ever-accelerating change in the way audiences consume and pay for journalism. He did this by ensuring the AFR is essential reading for anyone with an interest in corporate life, finance and politics,” Maguire said.

“Everyone in corporate Australia knows that to be in the conversation they need to read the AFR. You can see this when you look around at any AFR event and spot the countless decision-makers in the room.

Stutch’s fierce belief in what the AFR should be – high quality, relevant, fair and energetic – drove his approach to pushing the masthead to its full potential, including the development of the Financial Review’s highly successful Ventures events business. He is a giant of Australian journalism.”