The shock announcement comes just after the company announced a massive restructure of its products, lumping several titles into new sections of the company and establishing new areas for managing digital products.
In a statement, chairman Roger Corbett said that McCarthy did not believe he could make a commitment for the next three to five years and that "it was the appropriate time for the leadership change."
"The board would like to acknowledge the leadership role Brian played steering the company through the global financial crisis, his success in driving cultural change and his stewardship of the development of the strategic plan, a plan endorsed and supported by the board."
McCarthy said that "quite simply, I decided I could not commit to the time required by the board".
Hywood, who joined the Fairfax board earlier this year, has held senior management positions at a number of Fairfax publications including the Sydney Morning Herald, the Australian Financial Review and The Age.
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