Two Weeks ago Brian McCarthy - Fairfax CEO - presented his long awaited strategy for Fairfax Media. Today he announced his resignation. Could the two events be connected?
That’s not the way McCarthy or Fairfax presented his departure after two years as chief executive, with both of them saying he wasn't able to make the three-to-five-year commitment the board wanted from him to implement his strategic plan.
But last month’s strategy update, where McCarthy presented a management restructure (without the management) rather than a strategy went down so badly with analysts and fund managers that it would be difficult to believe it didn't play some role in his departure.
The most common description of the briefing was "underwhelming", while a number of those present have said the presentations were the least impressive they’d ever experienced. Presumably the board received some of that feedback from the market. MORE