Former Fairfax chairman Nick Falloon is stepping down from the board of 9 Leisure however will stay as chairman of property group Area, which is majority-owned by the media group.
9, the writer of this masthead, informed the market on Friday that Falloon will finish his tenure as deputy chairman and retire from the 9 board instantly earlier than the annual basic assembly in November.
Falloon was given the non-executive deputy chairman function at 9 in 2018, after the merger between Fairfax and 9 was accomplished.
Together with his departure eradicating the ultimate vestiges of Fairfax from 9’s board, Falloon stated the 2 companies (Fairfax and 9) had been now integrally enmeshed with one another.
“It has been rewarding to see the advantages of the merger realised and the 2 companies change into built-in so successfully,” Falloon stated in a press release.
“The time is correct for me to step down from the 9 board, 4 years after the merger between 9 and Fairfax.”
“I’m trying ahead to persevering with in my function as chairman of Area, and contributing to the expansion of 9 by way of that function.”
9 chairman Peter Costello stated Falloon’s continued presence at Area was a giant bonus for the media firm.
“Nick has been a invaluable contributor to the 9 board since December 2018, and to the Fairfax board earlier than that. I thank him for his dedication,” Costello stated.
“I’m happy that he intends to stay on the Area board for an additional time period, to offer continuity for that enterprise, which is a vital a part of the 9 group. 9 will look to nominate an extra director to the 9 board to exchange him, over the following yr.”