Kerry Stokes Says Farewell to Shareholders as SWM Presses On with Cuts
Though Kerry Stokes will remain as chair for three more months, he officially bid farewell to shareholders today during Seven West Media’s final annual general meeting before its merger with Southern Cross Austereo.
Stokes reminded attendees that while he plans to step down in February, his son Ryan will continue to serve on the new board. The Stokes family will retain an indirect stake in the company through Seven Group Holdings, which currently controls just under 51% and indirectly holds slightly over 40% of Seven West Media. Post-merger, that share will decrease to about 20%.
A Subtle Farewell
At 85, Stokes remains deeply invested in the business’s future even as he prepares to leave. His remarks reflected both gratitude and concern for aspects of the company’s ongoing operations.
A Mild Rebuke to AFL
“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,”
Stokes said, placing partial blame for a dip in ratings on Seven’s long-term sports partner, the AFL. His comment added an unexpected edge to an otherwise formal farewell.
As Stokes departs, shareholders reflect on a leadership marked by both high peaks and challenges in share performance over the years.
Author’s Summary
Kerry Stokes bids farewell to Seven West Media shareholders, highlighting family continuity and a lasting legacy as the company merges and reassesses its media strategies.