Nick Falloon, a media veteran with extensive television experience, is poised to take over as chair of Fairfax Media.
Roger Corbett, a former head of Woolworths and a current Reserve Bank board member, plans to step down as Fairfax chairman at the end of August following the signing of the full year accounts.
“Nick Falloon will then assume the chairmanship of Fairfax Media Limited,” the company said in a statement.
Falloon served as the CFO and later CEO of Publishing and Broadcasting which included ACP Magazines, Nine Network and Crown Casino.
He was also the executive chairman of Network Ten between 2002 and 2010.
Corbett, a non-executive director of Fairfax since in 2003, has been pushing the Federal Government to change media ownership regulations and abolish the two-out-of-three rule which stops anyone owning more than two of a newspaper, commercial TV or radio licence in a major market.
Fairfax Media posted flat profit $86 million, down 0.6%, and a 2.4% decline in group revenue to $941.7 million for the first half.
Fairfax shares are trading 2.5% down to $0.945.
(Disclosure: Fairfax Media owns 100% of Allure Media, the publisher of Business Insider.)