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CEO of Australias Fairfax Media resigns
AP - Mon Dec 06, 12:05AM CST
SYDNEY (AP) — The chief executive of Fairfax Media Ltd. has resigned, the Australian-based company said Monday.

Fairfax chairman Roger Corbett said in a statement that Brian McCarthy could not make the three- to five-year commitment that the company had asked for while it implements a new strategic plan.

"We agreed that now, at the beginning of the implementation of the plan, it was the appropriate time for the leadership change," Corbett said.

McCarthy's resignation was effective immediately.

Non-executive director Greg Hywood was named acting chief executive while a global search is conducted.

McCarthy said in the statement that he had been with Rural Press and then Fairfax for 34 years and would take a break before pursuing new business opportunities.

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