Kerry Stokes' Final Year at Seven Marred by Shareholder Discontent
At the recent Annual General Meeting (AGM) of Seven West Media, investors expressed clear frustration with billionaire Kerry Stokes. After five decades in Australia's media landscape and years as a prominent figure in the industry, Stokes is likely concluding his role as chairman amid growing shareholder dissatisfaction.
Key Shareholder Concerns
- Executive remuneration plans have tested investor patience.
- The company has not declared dividends for several years.
- The share price has plummeted drastically, reflecting lost market confidence.
Stokes’ Departure and Company Decline
Stokes, aged 85, is set to step down as chairman early next year, contingent on approval of a merger with Southern Cross Austereo. The company’s share price has collapsed by over 99% from its 2007 high of more than $14 per share, when Seven was at its peak influence.
Two decades on, Seven West Media's market position and share price have sharply diminished, now trading at just $0.14.
Shareholder Sentiment at the AGM
"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."
Stokes confronted palpable resentment from shareholders concerned about the company’s dwindling value.
Summary
Kerry Stokes' tenure as chairman concludes amid shareholder frustration over executive pay, absent dividends, and a drastic share price decline that shadows Seven West Media’s diminished industry stature.