SYDNEY: John B. Fairfax is to retire from the Fairfax Media board at the end of his present term, saying he will not seek re-election at Fairfax's 2010 AGM.
The move will lead to an overhaul of the company's operations. Shares in Fairfax dropped as much as 3.8% today and were recently down 2.4%, or 3.5 cents, to $1.42. The broader market is down 1.4% today.
He said in a statement to the Australian Securities exchange: “I would turn 70 during the course of my next term if I was re-elected and after almost 50 years associated with Fairfax and Rural Press, it is advantageous for the governance of the company to continue with its Board re-invigoration programme at a time of positive strategic changes.”
Fairfax has paid tribute to the company he has worked at as a journalist, executive and director for most of his adult life.
"It is a pre-eminent company with a strong portfolio of assets and a management team that together will deliver solid results for shareholders," he said.
“I look forward to contributing to the board for the next few months and am confident that I will leave the company in good hands at the end of my term."
Fairfax will retain an interest in the media group through his family company, Marinya Media Pty Ltd.
Fairfax chairman, Roger Corbett, said: “My colleagues and I are grateful for the very important contribution John has made to the company and indeed to the media industry over a very long time. We wish him the very best for the future."
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