Kerry Stokes, the last of the media moguls, is not done yet
Kerry Stokes has devoted his life to building a powerful television network and newspaper publishing group. As he chaired his final annual general meeting for Seven West Media, he emphasized that his journey in media was not yet over.
Final leadership at Seven West Media
On Thursday, Stokes led his last shareholder meeting, which lasted 48 minutes. At 85 years old, he confirmed he will step down from the board when Seven merges with Southern Cross Media Group early next year.
“Because I would be arrogant if I didn’t. For me to say there wasn’t anyone better than I am is arrogant.”
He expressed humility about his decision, noting that the leadership might benefit from younger energy. Stokes added that he is confident in the incoming chairman’s potential.
“I am convinced the new incoming chairman will do a great job and bring new energy and I’m excited about that.”
Passing the torch
Assuming no last-minute counter offer, Heith Mackay-Cruise, an experienced media and technology executive, will succeed Stokes. The new entity will unite the Seven Network, The West Australian, and The Nightly with the radio brands Triple M and Hit.
As a 20 percent owner of the merged group, Stokes will continue contributing as an adviser. However, he made clear that he will not interfere with management decisions.
“I don’t intend to be the interfering ex, nothing worse. I’m cheering from the side now.”
Author’s Summary
Kerry Stokes concludes his chairmanship at Seven West Media with humility and optimism, stepping back while cheering on a new generation of leadership.