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Fairfax clan pulls support for Fairfax Media chair

Fairfax clan pulls support for Fairfax Media chair

Two members of the Fairfax family have slammed Fairfax Media (ASX:FXJ) board chairman Ron Walker, indicating that they will vote against re-electing him to the board.

John B Fairfax and his son Nicholas both hold seats on the Fairfax board, and together hold a 9.7% stake via their company Marinya Media.

Walker plans to run for re-election at the November AGM, although he has indicated he will retire in 2010.

“Mr Walker is well aware of significant shareholder dissatisfaction with his tenure as Chairman,” the Fairfax family members said “Marinya can see no sound case to support the continuance of [his] directorship or Chairmanship for another year.”

The debt-funded acquisitions Walker has approved under his watch have introduced an unacceptable degree of risk to the company, they added.

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