David Kirk resigns as Fairfax CEO

Friday 5th December 2008

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

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:

Delegat Group Limited (NZX: DGL) $333 million syndicated bank facilities
7th December 2021 Morning Report
Sky Network Television Limited (NZX: SKY) Transformation accelerates - Sky raises FY22 guidance
PGG Wrightson Limited (NZX: PGW) FY22 Operating EBITDA forecast to better last year
Vulcan Steel Limited (NZX: VSL) Trading Update & Earnings Upgrade
6th December 2021 Morning Report
Synlait Milk Limited (NZX: SML) Partnership to enhance soil health; test regen ag practices
Property for Industry Limited (NZX: PFI) Strong Valuation Outcome, Penrose Acquisition
3rd December 2021 Morning Report
Fonterra Shareholders Fund (NZX: FSF) Fonterra provides Milk Price, earnings and Q1 update