In the wake of the revamping pursued in Fairfax Media, the Company's director John B Fairfax today proclaimed that he will stand down, shortly.

The 68-year-old said that he will not consider his participation in the election after his current term. He is now seeking his retirement.

He told that as soon as he finishes his term, he will turn 70.

"I have been associated with Fairfax as a journalist, executive and director for most of my adult life and it is a wonderful company", he said in a statement.

He further said that he has enough trust in the board, which oversees the business, post his retirement. Fairfax's Chairman, Roger Corbett, appreciated Mr. Fairfax for his contribution towards the Company, saying that his investment has always been worthwhile.

He further said the decision taken by the Director will be sincerely followed and valued. His intellectual skills and analytical ability will remain endowed in the roots of the Company.

Meanwhile, stocks in Fairfax tumbled 3.1%, or 4.5 cents, at $1.41.

Media analyst, Mark McDonnell, said that the proclamation has indicated a major overhaul in the Company.

He said that it must be a part of the revamp strategy adopted by the Company.