Kerry Stokes' Seven Faces Shareholder Backlash
At the company's AGM, investors expressed growing frustration with billionaire Kerry Stokes regarding Seven West Media's executive pay policies and its declining market value. After five decades in Australian media, much of it as one of the country’s most influential figures, Stokes likely addressed shareholders as chairman for the final time.
Shareholders criticized Seven’s approach to executive remuneration, the absence of dividends for years, and a rapidly falling share price. Stokes, 85, is set to step down as chairman next year, contingent on approval of the merger with Southern Cross Austereo.
The share price has plummeted more than 99% from its 2007 peak of over $14, reflecting a significant loss in the broadcaster’s former influence and value. Currently, the stock trades around $0.14, mirroring the company’s diminished standing.
Shareholder Concerns at AGM
During the AGM on Thursday, Stokes encountered clear shareholder discontent regarding Seven’s shrinking market capitalization and the company’s strategic direction.
Patience is wearing thin for Seven’s plans on executive pay and its falling market value.
The event underscored mounting impatience with management decisions after years of performance decline.
Summary
Kerry Stokes’ decades-long leadership at Seven West Media is concluding amid pronounced shareholder dissatisfaction over executive pay, dividend policies, and a dramatic drop in share price.
Author’s Note
Kerry Stokes' tenure at Seven West Media ends as shareholders demand urgent change amid frustrating declines in value and leadership trust.