Kerry Stokes' Final Farewell at Seven
At the company's AGM, shareholders expressed their frustration with Seven West Media's management, highlighting concerns about executive compensation, dividend announcements, and declining share value.
Shareholder Dissatisfaction
- The investors' patience has worn thin regarding the company's plans for executive pay.
- The company has not declared a dividend in several years.
- The share price is approaching a near-zero valuation, circling the drain after falling more than 99% since 2007 highs of over $14.
Kerry Stokes' Leadership Transition
Kerry Stokes, aged 85, is set to step down as chairman early next year, contingent on the approval of the merger with Southern Cross Austereo. This marks the end of over five decades in Australian media, much of it as a key powerbroker.
Changing Influence of Seven
Nearly 20 years after its peak, Seven West Media’s influence has significantly diminished, reflected in its current share price of just $0.14, compared to its high point in 2007.
Stokes faced increasing shareholder resentment during this year’s AGM over the company's declining market value and lack of dividends.
Author's summary: Kerry Stokes is likely to exit his role as chairman of Seven West Media amid shareholder unrest and declining market value, marking the end of an era in Australian media history.