No formal announcement has been made to the ASX, but Fairfax shares rose 4.2% in morning trade off the back of the story in The Financial Review today reporting that Chairman Ron Walker will step down in August next year.
Ron Walker told The Fin Review yesterday of his decision. “I have discussed with the board my intention to retire as chairman in the second half of 2010, after we have completed the board renewal program, settled the new chairman’s role and released our 2009-10 profit results,” Mr Walker said. As The Fin reports:
Mr Walker, who has been chairman since August 2005, was understood to have told his fellow directors at Fairfax’s most recent board meeting in Sydney on August 21 that he would not seek a new three-year term.
Late last year, Mr Walker survived a push by some institutions for his removal — he received the unanimous support of Fairfax directors at a board meeting on Dec 10. –