Mining magnate and Fairfax investor Gina Rinehart has increased the pressure on Fairfax, after being overlooked for a seat on the board this week.
It has been widely reported Rinehart has been pushing for two board seats after buying a 12.5% stake in the company earlier in the year.
However, earlier this week, Fairfax appointed former Ernst & Young boss Jame Millar, with board member Robert Savage stepping down.
According to reports, Rinehart did not address the apparent snub, however she did speak out against the current board, saying it was failing Fairfax shareholders.
Rinehart said she welcomed the change, but also said the “current board is not delivering for the owners of the company”.
She mentioned the company's low circulation as evidence of the board's inadequacies.
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