"The board of the company has today unanimously resolved to elect Roger Corbett as its new chairman effective upon the retirement of the present chairman, Ronald Walker,'' the company said.
Late last month, Mr Walker confirmed he would cut short his tenure after a period of boardroom infighting.
Mr Walker, who had been planning to stay on as chairman until mid-2010, said he would not stand for re-election at the company's annual general meeting in November.
Mr Walker said he was pleased deputy chairman, Mr Corbett, would be stepping into his shoes.
"I am delighted to be able to hand over the chairmanship of this great company that has been transformed into a diverse multi-media company in the past six years to Roger Corbett,'' Mr Walker said.
"Roger makes an outstanding contribution to the board and brings critical skills to the task.
"He is a very experienced and successful businessman; he understands stakeholder needs, is a very strategic thinker and has excellent financial capability.''
He also has a strong character and the wisdom to lead Fairfax at this important time.
"I wish him every success.''
Nashville-based prison operator CCA will get new CEOFairfax names new deputy chairman
