After almost 50 years of attachment on Australia's foremost media group, John B Fairfax is set to retire from the board of Sydney-based Fairfax Media Ltd (ASX: FXJ) as the company announced on Monday that the long-time board member would waive re-election bid for this year's annual general meeting.

Mr Fairfax said that his scheduled retirement from Fairfax's board should give the company a leeway to refresh its roster as he added that "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 that his half-century stint with Fairfax and Rural Press has been fruitful and rewarding and now that he is departing, "it is advantageous for the governance of the company to continue with its board re-invigoration program at a time of positive strategic changes."

Mr Fairfax clarified though that he is maintaining his presence on the company as a key shareholder and he would continue holding a stake in Fairfax through his private company, Marinya Media Pty Ltd, which currently holds a 9.9 percent interest in the company.

Company chairman Roger Corbett thanked Mr Fairfax for his service to Fairfax and said that the board would surely miss him, adding that "my colleagues and I are grateful for the very important contribution John has made to the company and indeed to the media industry over a very long time."

As of 1417 AEST on Monday, Fairfax shares were trading at $1.41, declining by 4.5 cents or 3.09 percent from previous trading day.