Kerry Stokes' Seven Swansong Tainted by Investor Backlash
At the company’s annual general meeting, investors sent a clear signal to billionaire Kerry Stokes: their patience is running out regarding executive compensation plans and the declining market value of Seven West Media.
After more than five decades in Australian media, much of it as one of the nation’s most influential figures, Stokes likely addressed Seven West Media shareholders as chairman for the final time.
“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.”
The 85-year-old is expected to step down as chairman early next year, contingent on the approval of a merger with Southern Cross Austereo. The company’s share price has plunged over 99% from its 2007 peak of more than $14 per share to just $0.14 today.
Nearly two decades after its era of dominance, Seven West Media has lost much of its former influence, and investor frustration continues to grow.
Author’s Summary
Kerry Stokes faces mounting shareholder discontent as Seven West Media’s shrinking value overshadows his five-decade media legacy.