Kerry Stokes' Seven swansong tainted by shareholder backlash
At the company’s annual general meeting, investors made their frustration clear to billionaire Kerry Stokes. Confidence in Seven’s executive pay strategy and its tumbling market value is wearing thin.
After fifty years in the Australian media landscape—most of them as one of its most influential figures—Stokes likely appeared before Seven West Media shareholders as chairman for the final time.
Patience is wearing thin for Seven’s plans on executive pay, its failure to declare a dividend in years, and a share price circling the drain.
The 85-year-old chairman is expected to step down early next year, provided Seven’s proposed merger with Southern Cross Austereo proceeds. The company’s share price has fallen more than 99% since its 2007 peak above $14 per share, when the broadcaster stood at the height of its influence.
Nearly two decades later, Seven has lost much of that dominance, reflected by its current share price of just $0.14. During Thursday’s AGM, Stokes confronted growing shareholder resentment over Seven’s shrinking value and stagnant performance.
Author’s Summary
Kerry Stokes faces final criticism from shareholders as Seven West Media struggles with collapsing share prices and questions over executive pay.