Andrew Jaspan has been sacked as editor-in-chief of Melbourne newspaper The Age.
Fairfax said Mr Jaspan had been replaced as the company looked for fresh editorial and executive leadership.
The announcement was made to The Age staff late this morning by Fairfax's chief executive for Victoria, Don Churchill.
Mr Churchill said the company had "decided that for this next critical stage of The Age we would have fresh editorial and executive leadership".
"The editorial leadership team have my highest confidence. I know they will excel in leading the editorial staff of The Age to ensure The Age's continuing success," a note to staff said.
Mr Jaspan's senior deputy, Paul Ramadge, has been appointed acting editor-in-chief.
Mr Churchill said an announcement about a permanent replacement for Mr Jaspan would be made soon.
The company was "discussing with Andrew the ways his skills and expertise can be made available within the company", The Australian website said.
Fairfax spokesman Bruce Wolpe refused to comment further on the sacking, other than to offer up the statement delivered by Mr Churchill to staff today.
Mr Jaspan was appointed editor-in-chief of The Age in July 2004, replacing the long-serving Michael Gawenda.
The announcement comes a day after the company announced 550 jobs would go at its Australian and New Zealand operations.
Staff at the company's metropolitan newspapers in Melbourne and Sydney face redundancies, with managers told the job losses must be finalised within two to three months.
The cuts include 390 jobs in Australia and 160 in New Zealand.
They are aimed at saving the company A$50 million ($62.07 million) a year by reducing its total workforce by five per cent.
- AAP
