Fairfax’s severed ties with founding family ‘not a reflection of poor corporate strategy’
Fairfax has insisted that the breaking of ties between the company and the Fairfax family does not reflect a vote of no-confidence in the company’s strategy.
Director Nicholas Fairfax quit the board yesterday, following the sale of his family’s shareholding in the company, The Australian is reporting.
Fairfax Media chairman Roger Corbett was quoted saying: “I have every confidence he (Nicholas Fairfax) believes that our strategy is the best for Fairfax. I don’t believe there is a nexus between the strategy and what is a prudent decision for the Fairfax family.”
“I am sure he feels that the strategy the company has adopted and the way it is moving ahead is the very best for Fairfax,” he added.
In the article, Corbett hit out at comments made by Seven chairman Kerry Stokes, who is reported to have said that the share sale showed that Fairfax Media had “no plan” for the future. Corbett called Stokes’ comments neither “justified or appropriate”.
A Fairfax spokesperson confirmed the content of the story, and added that finding a replacement for Nicholas Fairfax was not an immediate priority for the company.
Nothing worse than a nexus between strategies…
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Of course. They left because they have so much faith in the Fairfax strategy. And they were keen to take advantage of selling at the bottom of the market.
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I see they’ve gone for enterprise pricing and syndication on afr content.
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“I have every confidence . . . our strategy is the best for Fairfax”. Why, of course. Apart from that $400million loss and escalating falls in circulation everything is going along swimmingly!
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