Kerry Stokes Bids Farewell to Shareholders as SWM Prepares for Merger
Although Kerry Stokes will remain chairman for three more months, he officially said goodbye to shareholders at Seven West Media’s final annual general meeting before its merger with Southern Cross Austereo.
Leadership Transition
Stokes reminded attendees that while he will step down in February, his son Ryan will continue on the new board. The family's indirect ownership will also keep Stokes personally invested in the company’s future.
- Stokes holds just under 51% of Seven Group Holdings.
- Seven Group Holdings owns just over 40% of Seven West Media.
- Post-merger, the family’s stake in Seven West Media will drop to about 20%.
Comments on AFL and Audience Ratings
Leaving with a slight surprise, Stokes criticized Seven’s long-term sports partner, the AFL, suggesting their scheduling contributed to this season’s weak ratings. He stated at the AGM:
“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.”
Mixed Shareholder Sentiment
Stokes’ departure is met with mixed feelings from shareholders who have witnessed the company’s share price rise and then decline.
Author’s summary: Kerry Stokes is stepping down as chairman during a pivotal merger, maintaining family involvement while expressing hopes for improved AFL scheduling to boost future ratings.