Cresswell tipped for GMG role

John Cresswell, ITV's former interim chief executive, has been touted for the top job at newspaper company Guardian Media Group (GMG).

The company announced on Friday that its finance director, Andrew Miller, would take over from its chief executive, Carolyn McCall, on 1 July, as an interim appointment. Ms McCall is leaving for budget airline easyJet.

The publisher of The Guardian and Observer is in the process of hiring headhunters.

Mr Cresswell, who left ITV last week, is thought by many to be ideal for the role because of his ability to cut costs. He is generally considered to have been an effective short-term boss at ITV during a tumultuous period in which the broadcaster ran a clumsy appointment process. Eventually, its new chairman Archie Norman appointed Royal Mail chief executive Adam Crozier as ITV's long-term boss.

ITV shares closed at 69.5p on Friday, up 3.81 per cent on the start of the day's trading. This values ITV at around £2.6bn. GMG declined to comment.