Kerry Stokes' Seven Faces Shareholder Backlash
At the company's AGM, investors delivered a clear message to billionaire Kerry Stokes: patience is running thin regarding Seven West Media's executive pay plans, lack of dividends, and plummeting market value.
After nearly fifty years in the Australian media industry, much of it as a leading powerbroker, Stokes is likely appearing before Seven shareholders as chairman for the final time. They expressed sharp frustration over the company’s declining market position.
Stokes to Step Down as Chairman
Stokes, 85, is scheduled to resign early next year, contingent on the approval of the merger with Southern Cross Austereo. The broadcaster’s share price has collapsed over 99% from its 2007 peak of more than $14 per share, a time when Seven was at its strongest.
Market Value Implosion
Today, Seven’s share price stands at just $0.14, reflecting a dramatic loss of influence compared to nearly two decades ago. At the AGM, Stokes confronted growing shareholder dissatisfaction over the steep decline in the company’s market value and its ongoing financial challenges.
“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.”
This marks a somber turning point for Seven West Media and its long-time chairman as shareholders demand changes to restore value and confidence.
Author’s summary: Kerry Stokes faces intense shareholder criticism as he prepares to step down, with Seven West Media struggling amid steep share price declines and discontent over executive pay and dividend policies.