Michael Stutchbury is stepping down as Editor-in-Chief of The Australian Financial Review (AFR) after 13 years at the helm. He will be replaced by former Managing Director of Nine Publishing, James Chessell, who is returning to the media business to take up the vacated role.

At 67, Stutchbury is credited with transforming AFR into a successful digital subscription publication in Australia. He is the masthead's longest-serving editor or editor-in-chief in its seven decade history, and along with his previous five and a half years as editor of The Australian, he is Australia’s longest-ever serving national newspaper editor or editor-in-chief.

"It is not easy to walk away from the privilege of leading a newsroom that has delivered so much. But, after 13 full-on years, now is the right time for someone with fresh energy and new ideas to lead the Financial Review's next phase of growth," he said.

Stutchbury said Chessell was "the ideal person to take on this exciting challenge" as a "Walkley award-winning former Europe correspondent and Business editor for the Financial Review".

"I’m very excited about taking over from Stutch who is the best editor I’ve worked for bar none," said Chessell. He will commence the role on 12 August.

Chessell stepped down from his previous role, which oversaw Nine mastheads including the AFR, The Age and The Sydney Morning Herald, in December. He was succeeded in January by then-executive editor of metro mastheads, Tory Maguire, though CEO Mike Sneesby assured staff Chessel would be remaining with the publishing business to lead engagement with government and digital platform partners. Chessell has since served as partner at corporate advisory Bespoke Approach.

"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," said Maguire. "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," said Maguire.

Stutchbury said the AFR's achievements came down to its reporters, photographers, artists, designers and editors. “After facing a potential loss just over a decade ago, the Financial Review has never been more profitable as it has built a business model around premium digital subscriptions,” he said.

"As the team has managed the shift out of print, the masthead has never had more paying subscribers. It has doubled its audience share compared to its national rival. It has been judged Australia's most-trusted newspaper brand.

Stutchbury's last day leading the AFR will be on August 9, but after a break he will return to the masthead in writing role as Editor-at-large later this year.

"“The Financial Review has always been a critically important voice in the financial and political conversations that matter in Australia through rigorous news, analysis and public interest journalism. The current media landscape means the work is not without its complications but there is no better editorial team to face up to these challenges than the Financial Review newsroom," said Chessell. “I’m also very excited to be reunited with Tory and the Nine Publishing team, who are the best in the business. I’m incredibly lucky to be stewarding a masthead in such great shape but there is still plenty of work to do and I can’t wait to get started.”