Business leader announces departure
Keith Miller steps down as CEO at housebuilder Miller Group
The announcement will bring an end to the career of one of Scotland’s longest-serving captains of industry and best-known faces.
His decision comes just a few months after the company pulled out of a planned flotation, though this was not a factor in his departure. He will stay on to oversee a handover of control to the divisional chief executives who will now report directly to the board.
Mr Miller, whose departure means there will no longer be a member of the family involved in running the firm, said he was pleased with the progress shown by the group’s three businesses.
“We have strong management teams in place in Miller Homes, Miller Developments and Miller Mining, each of which is led by its own chief executive.
“I am looking forward to being able to report further impressive performance from Miller Homes and our other businesses when we announce our final results for 2014 in a few weeks’ time.
The group has experienced tremendous growth over the past three years and the time is right to pass the leadership of our businesses to the respective management teams.”
Miller Group, Britain’s biggest independent housebuilder, abandoned plans to raise £140m in a London listing just two weeks after announcing a flotation that would value the company at about £450m.
The company became heavily indebted during the financial crisis and underwent a refinancing in 2011 that left private equity firm Blackstone in control with a 55% stake.
Royal Bank of Scotland, Lloyds and National Australia Bank – also acquired stakes through a debt-for-equity swap, giving them a combined stake of around 30%. All had hoped to sell part of their holdings in the flotation.
Mr Miller joined the Miller Group in 1975 and has been the group chief executive since 1994.
He has a BSc (Hons) in Building from Heriot-Watt University, a Postgraduate Diploma in Management Studies (DMS) from Glasgow University and an Honorary Doctorate of Engineering (DEng) from Napier University. He is also a Fellow of the Chartered Institute of Building (FCIOB) and a Fellow of the Royal Institution of Chartered Surveyors (FRICS).
He was appointed a CBE for services to the construction industry in Scotland and to charity in January 2005.
Group year end results are expected in mid-March.