Brian McCarthy to head Fairfax

Publisher Fairfax Media yesterday named Brian McCarthy as its new chief executive and managing director and declared its "unanimous support" for chairman Ron Walker.

Fairfax also warned shareholders their dividend payout for the first half would fall as the company retained funds to pay down debt.

It has cut its dividend payout ratio - the percentage of earnings paid to shareholders in dividends - to about 20 per cent, from 80 per cent for its interim dividend payable in March.