Kerry Stokes' Seven Swansong Faces Shareholder Backlash
At the company's annual general meeting, investors delivered a clear message to billionaire Kerry Stokes: patience is fading regarding Seven West Media's executive pay plans and its declining market value.
After spending five decades in Australia's media industry, mostly as one of the country's most influential figures, Stokes is likely addressing shareholders as chairman for the last time. The 85-year-old will step down early next year if the proposed merger with Southern Cross Austereo gains approval.
Shareholders expressed frustration over the company’s failure to declare dividends for years and the share price tumbling drastically. Once valued at over $14 per share in 2007, Seven's stock has plummeted more than 99%, now trading around $0.14.
Nearly two decades since its peak influence, Seven West Media's impact has significantly diminished, reflected in its declining share price and market presence.
Shareholder Sentiments at the AGM
“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.”
During the meeting, simmering resentment was evident as shareholders confronted Stokes about the company’s eroding market value and uncertain future.
Looking Ahead
The potential merger with Southern Cross Austereo represents a turning point for the company, coinciding with Stokes’ planned departure as chairman. This move could reshape Seven West Media’s position in the market.
“If the merger is approved, Stokes will stand down as chairman early next year.”
Stokes’ tenure marks the end of an era for a media leader who once controlled vast influence but now faces the challenges of dwindling shareholder confidence and market relevance.
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