Kerry Stokes, the Last Media Mogul, Announces Retirement
Kerry Stokes has spent his life building a prominent television network and newspaper publishing empire. On Thursday, he chaired his final Seven West Media annual shareholder meeting, which lasted 48 minutes, marking the end of an era as he prepares to step down.
Retirement and Future Plans
The 85-year-old Stokes will leave the board following the planned merger of Seven West Media with Southern Cross Media Group early next year. Explaining his decision to retire, he acknowledged the value of fresh leadership in the industry.
“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 confidence in his successor, Heith Mackay-Cruise, a seasoned media and technology director who is expected to take over as chairman. The merger will bring together the Seven Network, The West Australian, The Nightly, along with the Triple M and Hit radio networks under one umbrella.
Role After Retirement
Although stepping down from the board, Stokes will remain involved as a 20% owner and adviser, promising not to interfere with the new leadership.
“I don’t intend to be the interfering ex, nothing worse. I’m cheering from the side now.”
Industry Impact
Stokes’s departure marks a significant shift in the media landscape, passing the torch to the next generation while maintaining his stake and support in the evolving company.
“I am convinced the new incoming chairman will do a great job and bring new energy and I’m excited about that.”
His career legacy includes shaping major Australian media outlets and overseeing significant industry mergers.
Author’s Summary
Kerry Stokes retires as chairman after decades of media leadership but remains optimistic about fresh energy driving his company’s future success.