Fairfax Media has taken an axe to its senior management ranks in a major restructure that will see all its print assets folded into the one division for the first time.

In news announced to staff this morning, five separate print fiefdoms -- Metro Media, the Australian Financial Review Group, Agricultural Media, Regional Media and Community Newspapers-- will be collapsed into one entity known as Australian Publishing Media. As a result, metro media CEO Jack Matthews will leave the company; his chief operating officer David Hoath is understood to be departing too. Regional Media CEO Allan Browne is on the way out, with other "C suite" managers set to follow.