Fairfax NZ boss Tong quits

AUCKLAND: Fairfax New Zealand managing director Simon Tong has resigned just days before a Commerce Commission ruling on the proposed merger with NZME.

Mr Tong, who joined Fairfax in September 2013, will leave on Friday next week and begin as ASB Bank’s executive general manager technology, innovation and payments on March 27, making him part of ASB’s executive leadership team.

Andrew Boyle will be acting managing director and Fairfax Media says it is looking for a permanent replacement.

But a spokesman would not speculate on what kind of skill set the publisher would be seeking in choosing Mr Tong’s successor.

His exit comes as the Commerce Commission’s decision on the media merger looms large next Wednesday.

The regulator released a draft determination in November rejecting the merger, saying it would ‘‘result in an unprecedented level of media concentration for a wellestablished liberal democracy’’ with the potential loss of multiple media voices a major part of the decision.

It was originally due last August, but was delayed because of the complexity of the deal.

ASB chief executive Barbara Chapman said Mr Tong brought ‘‘a unique combination of skills, industry experience and know ledge to the role’’ and he had a ‘‘proven track record of managing large and dynamic organisations’’.

Before Fairfax, Mr Tong was chief executive of Paymark for seven years.

Mr Tong said he was ‘‘thrilled to be joining the ASB team during such an exciting period of change for the financial services industry’’ and his background ‘‘provides me with a unique opportunity to contribute to the success of ASB.’’