Kerry Stokes Bids Farewell to Shareholders as SWM Speeds Up Cuts
Although Kerry Stokes will remain chairman for three more months, he said goodbye to shareholders at Seven West Media’s final annual general meeting before its merger with Southern Cross Austereo.
Stokes’s Transition and Family Involvement
Stokes reminded attendees that he will step down in February, but his son Ryan will stay on the new board. The family’s indirect stake in the business will continue to keep the 85-year-old engaged.
Currently, Stokes holds just under 51% of Seven Group Holdings, which owns slightly more than 40% of Seven West Media. After the merger, the family's stake is expected to drop to about 20%.
Comments on AFL and Ratings
In a surprising move, Stokes criticized Seven’s long-term sports partner, the AFL, hinting it caused this season’s weak ratings.
“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 Perspective
Stokes’s departure does not come with universal gratitude, as shareholders have witnessed the share price climb and then decline significantly 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.”
Summary: Kerry Stokes prepares to leave Seven West Media’s board after the merger, with his family maintaining influence, while addressing sports scheduling issues linked to recent ratings declines.