Fairfax CEO Greg Hywood has run a scythe through the senior ranks of his two major mastheads, edging out three senior editors as part of his vision to smash the media giant's cost base.

Sydney Morning Herald editor-in-chief Peter Fray and editor Amanda Wilson gave emotional send-offs at Fairfax HQ at midday, while in Melbourne editor-in-chief of The Age, Paul Ramadge, also signed off.