According to The Guardian, Airey will transfer to a management role at pan-European media operator RTL Group, the former owner of Five. However, she will not make the move for "several months".
Employees of Five will be summoned to a meeting at 10am this morning to hear the transformation plans being enacted by Express Newspapers-owner Desmond for the broadcaster. A source close to the situation described the plans as "far reaching".
Desmond's transformation is understood to include jobs cuts and a restructure of Five's management team - including a senior position for Stan Myerson, joint managing director of his Northern & Shell business.
It's unclear, though, whether Five's managing director Mark White or director of programmes Richard Woolfe are under threat from the changes.
Five is also expected to relocate from its main offices in Covent Garden to the Northern & Shell premises in the City as a cost cutting measure.
Since completing his £103.5 million takeover last month, Desmond has already pledged to increase Five's annual programming budget by up to £100m a year. He has also agreed to continue the broadcaster's expensive content deals with shows such as CSI and Neighbours.
Desmond is further hoping to boost Five's audience share and advertising revenue by securing more hit programmes, with Endemol's Big Brother a major target as the format is in its final year on Channel 4.