Ron Walker will not seek re-election

Fairfax chairman Ron Walker has announced this morning that he will not seek re-election at the company’s annual general meeting in November.

Citing the “unfortunate developments of the previous few weeks,” Walker says the continuation of his position is not in the best interests of the company’s 52,000 shareholders and 10,000 employees.

“This will enable a smooth transition to a new chairman, and for the process of board renewal we have already commenced to be continued,” he says in an ASX submission.

In a pointed reference to fellow board directors and shareholders John B Fairfax and son Nicholas Fairfax’s public campaign against him, Walker says his decision will enable the company to move forward.

“It will enable our board and management to continue to focus on the tasks ahead of our great company rather than being mired in disputes and controversy with one single shareholder,” he says.

Two weeks ago, the Fairfax family, which controls 10% of Fairfax Media, announced they would not support Walkers’ re-election.

But Walker says he is “proud” of his accomplishments as chairman.

“I will leave this role comfortable in the knowledge that notwithstanding the huge challenges faced by traditional media companies, Fairfax is substantially better positioned for the future today than it was five years ago, for without our diversification into new media we may not have survived to this point,” he says.

Reserve Bank director and former Woolworths chief executive Roger Corbett is today meeting with Fairfax Media shareholders to gauge their support for him in the role of chairman.

Walker has chaired the Fairfax board since 2005. He had earlier planned to continue until August next year.