Sanctuary Group plc stalwart Mike Miller has resigned from the group to pursue "new opportunities," the London-based independent music firm said today (April 3).

Sanctuary Group plc stalwart Mike Miller has resigned from the group to pursue "new opportunities," the London-based independent music firm said today (April 3).

Miller, a chartered accountant who has been a senior member of Sanctuary's management team since 1986, exited as corporate development director last Friday (March 31).

In a statement, Sanctuary co-founder Andy Taylor praised Miller for playing an instrumental role in helping Sanctuary secure its financial survival.

"Mike played a key role in building the strong base of businesses that we can now all benefit from going forward. I understand his desire to move on now having helped restore Sanctuary's finances," says Taylor.

Miller's departure comes after the debt-laden company announced in January that it had received indications of support for about £110 million ($195 million) in new equity, which would be at a substantial discount to its share price.

Miller comments, "It was of paramount priority to restore the company's health and I am delighted and have a great sense of satisfaction that we have now achieved this."

His duties have been handed over to Paul Wallace, who joined the company in December 2005 as group finance director. Simultaneous with Wallace's appointment, Miller became director of corporate development after 15 years as group finance director.

In other news, Sanctuary has convened its annual general meeting for April 28 in London.