Brian McCarthy departs Fairfax Media
Fairfax Media boss Brian McCarthy has resigned, with board member Greg Hywood appointed acting CEO, the company has announced to the ASX.
His sudden departure comes less than a fortnight after investors were told of a new structure for the company.
In a statement to the Australian Stock Exchange, chairman Roger Corbett said: “The board initiated discussions with Brian about the commitment and energy required to drive the performance of the business over the next three to five years and most importantly the implementation of the recently announced business strategic plan. Brian did not believe he could make the commitment for the next three to five years.”
The company said “a global executive search” will follow for its next CEO.
Here’s the SMH coverage: http://www.smh.com.au/business.....18md9.html
2011 – year of the Jack?
perhaps they should be looking at some of their other senior blokes while they’re at it….they’re underperforming in a lot of divisions…
i hope we get a farewell youtube video.
good riddance.
@2: Thanks for the nomination, Mike, but I’ll pass.
Mike – surely your kidding.
Interested observer…. there’s a lot of underperforming “sheilas” as well… including some recently worked over on mumbrulla
>@Logic i hope we get a farewell youtube video.
If we do, you can be sure it will autoplay.
stock price has dropped around 8% since the Bain announcement. Maybe BM was pushed out the door as a result of the clunky recommendations he paid for and endorsed. Would be weird if someone commissioned an expensive consultant to come in and tell them how to fix the business, then couldn’t commit to a max. 3-5 years to usher in the changes.
Either the Bain report suggested BM was the wrong person, or investors have spoken and have seem BM pushed out. As interim CEO, Greg Hywood must be a chance for the Metro boss role surely.
bring it on….yep