No room for Rinehart

Despite owning 10% of Fairfax Media, and requesting she be provided with two seats on the board, in changes today Gina Rinehart has been overlooked for a vacancy.

Chairman Roger Corbett has today announced that Robert Savage will retire from the Fairfax board after five years of service on 30 June, and that his replacement will be James Millar (left).

Corbett commented "Bob has made an outstanding contribution to the Board and to Fairfax over the five years he has served as a director and we will miss him greatly……we are delighted that James has agreed to join the Fairfax Board (and he) will be an invaluable addition"

Millar is the former CEO of Ernst and Young and was a member of that companies global board.

He is a Director of Mirvac, Jetset Travelworld and Chairman of Fantastic Holdings and of the Smith Family charity.

It wasn't all bad news for Gina Rinehart however, she missed the board seat on the same day that BRW announced she was officially the wealthiest female in the world with a net worth of over $29 billion.