Greg Hywood, CEO of Fairfax Media, discusses how the Australian media giant transformed its business to thrive in a rapidly changing market. Hywood touches on the value of a future-back perspective that forces rethinking of appropriate metrics, how the culture had to change and how to keep a transformation on track.

Hywood, who became CEO in 2011, recognized that the company needed to move away from the traditional approach of focusing on newspaper circulation as a key performance metric to the yardstick of readership, which incorporates the online audiences of the large metro mastheads. This allowed Fairfax to make a significant cut to newspaper production and to focus on a more engaged audience.