Sydney, Australia based Fairfax Media announced today it has hired Brian McCarthy to be its Chief Executive Officer. Fairfax Media is the publisher of the Sydney Morning Herald. Their previous CEO resigned "in the face of shrinking advertising revenue and a collapsing share price".
McCarthy was Deputy CEO at Fairfax and head of the publisher's Australian operations. Before that he was Managing Director of Rural Press.
Fairfax owns more than 300 newspapers, 50 Web sites and 15 radio stations in Australia and New Zealand. Despite rough economic times for publishers, the company says it is "well positioned to manage the economic downturn".
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