Media group Fairfax Media Ltd formally announced the resignation of chief executive Brian McCarthy from his position, pushing the media business into an international search for a replacement on the man who served the company for a number of decades.

Fairfax chair Roger Corbett informed the board on Monday that McCarthy could not give his commitment for another three-year tenure in the company at the very least, prompting the media firm to implement leadership change that would guide its recently-revealed strategic plan.

Corbett said that non-executive director Greg Hywood has been tapped as McCarthy's provisional replacement, announcing at the same time that the chief executive position is open and a global search to fill up the seat is now underway.

As Fairfax Media embarks on its new corporate plan, Corbett said that the departure of McCarthy allows for the opportune time to inject fresh leadership on the company.

The Fairfax board, however, noted that McCarthy was instrumental in leading the company through the global financial crisis and in shaping the media firm's new cultural environment.

Corbett added that the outgoing chief executive was a crucial player in formulating and designing Fairfax's new strategic plan.

At present, the Fairfax board, according to Corbett, expressed confidence that Hywood would be a good fit in seeing through the company on its crucial transition period, with the company chairman stressing that "we are in a fortunate position to have someone of his calibre acting in this role."

Corbett said that Hywood brings with him unquestionable credential as an able media business practitioner with vast editorial and commercial experiences as either editor or publisher of Fairfax's premium publications such as The Age, The Australian Financial Review and The Sydney Morning Herald.

In a released statement, McCarthy said that following his service of more than 30 years in the media business, he is more inclined to take a much-needed break prior to considering a new role in other business opportunities.