Corbett confirms retirement plans

Fairfax Media chairman Roger Corbett has confirmed that he will retire at an “appropriate time” during his forthcoming term and will not bid for re-election again in three years’ time.

The company’s notice of annual general meeting noted that Mr Corbett had informed the board that if re-elected at the AGM on November 6, he would not “stand for re-election for a further term in three years when he comes up for re-election again”.

According to a report in the Australian Financial Review, Fairfax Media directors James Millar and Peter Young are the front runners among current board members to take over from Mr Corbett when he decides to retire.

Mr Corbett was CEO of Woolworths Limited from 1999 to 2006 and became Fairfax chairman in 2009, after having served on the board since 2003.

He is also a Reserve Bank of Australia board member, a director of Wal-Mart and chairman of Mayne Pharma Group Limited.

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