Sharechat Logo

David Kirk resigns as Fairfax CEO

Friday 5th December 2008

Text too small?
David Kirk resigned as chief executive of Fairfax Media and will leave today, the company said in a statement.

It gave no explanation for the sudden move. Brian McCarthy, who had been Kirk's deputy, steps up as acting CEO pending a board meeting on Dec. 10.

Chairman Ronald Walker praised Kirk's performance in the past three years, a period during which the company repositioned itself as a multi-media platform. The Trade Me auction site is among its assets.

Kirk said is now "far advanced" on local and international peers "in adapting the business to the modern digital world." Fairfax stock was recently down 2.7% to A$1.45 and has tumbled 68% in the past 12 months.

Kirk last month told shareholders at their annual meeting that he was aware they were "greatly concerned about our share price." In the first quarter of the current year EBITDA was about 15% below the same period of 2007, he said on Nov. 13 Second quarter earnings will also fall, "by mid single digit percentages," reflecting cost cuts.

By Jonathan Underhill



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto