Kerry Stokes Bids Farewell to Shareholders as SWM Speeds Up Cuts
Kerry Stokes, while remaining chairman for three more months, said goodbye to shareholders at Seven West Media’s last annual general meeting before its merger with Southern Cross Austereo.
Transition and Family Continuity
Stokes reminded attendees that although he will step down in February, his son Ryan will stay on the new board. The family’s indirect stake in the company ensures continued interest from the 85-year-old.
- Stokes holds just under 51% of Seven Group Holdings
- Seven Group Holdings owns just over 40% of Seven West Media
- Post-merger, this stake in Seven West Media will reduce to about 20%
Comments on AFL and Ratings
On his way out, Stokes took a subtle jab at Seven’s long-term sports partner, the AFL, blaming them for weak ratings 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.”
Shareholder Sentiment
Stokes’s departure does not come with unanimous gratitude, as shareholders observed the share price rise and then decline sharply during his tenure.
“Not that Stokes will depart with the universal thanks of shareholders who watched the share price ride up the mountain, and then down the other side.”
Author’s summary: Kerry Stokes prepares to leave Seven West Media’s board while ensuring family influence continues amid concerns over AFL’s impact on ratings and mixed shareholder reactions.