Kerry Stokes Says Goodbye to Shareholders as SWM Accelerates Cuts
Kerry Stokes, though remaining chair for another three months, delivered his farewell to shareholders at Seven West Media’s final annual general meeting before its merger with Southern Cross Austereo. The 85-year-old executive confirmed that he will step down in February.
Addressing shareholders, Stokes emphasized continuity in leadership, noting that his son Ryan Stokes will join the new board. He also highlighted that his family’s indirect stake in the company will maintain their long-term interest in its future.
Stokes currently holds just under 51% of Seven Group Holdings, which owns slightly over 40% of Seven West Media. After the merger, his holding will decrease to approximately 20%.
Comments on AFL Partnership
During his remarks, Stokes made an unexpected critique of Seven’s long-standing sports partner, the AFL, pointing to scheduling issues that he suggested had hurt performance this season.
“We expect the poor scheduling from the AFL this year will be rectified in the coming season to help deliver even stronger audiences for our suite of live sport.”
Despite his long tenure, not all shareholders depart with gratitude, as the company’s stock journey has included both impressive climbs and notable declines.
Author’s Summary
Stokes bids farewell to shareholders, passing leadership to his son while noting reduced holdings and leaving with a rare critique of Seven’s AFL partnership.