Kerry Stokes' Seven Swan Song Faces Shareholder Backlash
At the company’s annual general meeting, investors sent a clear message to billionaire Kerry Stokes: patience is running out regarding Seven’s executive pay plans and its declining market value.
After five decades in the Australian media industry, mostly as one of the nation’s most influential figures, Stokes is likely addressing Seven West Media shareholders as chairman for the final time.
Shareholders Express Growing Frustration
Investors criticized the company's handling of executive compensation, its prolonged failure to issue dividends, and the significant drop in share price.
Stokes, aged 85, is expected to step down as chairman early next year if the planned merger with Southern Cross Austereo receives approval.
Decline of Seven West Media
- Share price has plunged more than 99% from its 2007 peak, when it reached over $14 per share.
- Once a media powerhouse, Seven’s influence has waned significantly over two decades.
- Current share price stands at just $0.14.
AGM Tensions
During the AGM on Thursday, Stokes was confronted with simmering shareholder resentment over the company's shrinking market value and strategic decisions.
"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."
Author's summary: Kerry Stokes faces mounting shareholder frustration as Seven West Media’s value crumbles and executive pay issues deepen, marking the end of an era.