Kerry Stokes' Final Chapter at Seven Faces Shareholder Resistance
At the recent AGM, investors voiced clear concerns to billionaire Kerry Stokes about Seven West Media's executive remuneration and declining market performance. After nearly 50 years in Australian media, Stokes, a major powerbroker, appears to be concluding his tenure as chairman.
Investor Discontent
Shareholders expressed frustration with the company’s persistent failure to pay dividends and a share price plummeting towards worthless levels. These issues signal diminishing confidence in Seven's leadership and strategy.
Stokes’ Imminent Departure
The 85-year-old chairman is set to step down early next year, contingent on approval of Seven’s planned merger with Southern Cross Austereo. The company’s share price has collapsed over 99% since its peak in 2007, falling from more than $14 to just $0.14.
Decline in Influence
Once a dominant force, Seven West Media no longer commands the sway it once held in the media landscape, mirroring its diminished market valuation.
"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."
"Stokes, 85, will stand down as chairman of Seven early next year — if its merger with Southern Cross Austereo is approved."
At the AGM, the growing shareholder dissatisfaction over Seven’s shrinking market capitalization was palpable.
Author's summary: Kerry Stokes faces shareholder dissatisfaction as Seven West Media grapples with a dramatic share price drop and executive pay controversies during his likely final term as chairman.