Kerry Stokes' Final Chapter at Seven West Media Marred by Shareholder Discontent
At the company’s annual general meeting, investors expressed growing frustration toward billionaire Kerry Stokes regarding Seven West Media’s executive pay policies and declining market value. After nearly fifty years in Australian media and many as one of the country’s key power players, this is likely Stokes' last time addressing shareholders as chairman.
The shareholders' dissatisfaction focused on several issues:
- Executive remuneration plans
- The company’s long absence of dividend payouts
- The plummeting share price
Stokes, aged 85, is set to step down as chairman early next year, provided the merger with Southern Cross Austereo receives approval. The broadcaster's shares have dropped more than 99% from their peak above $14 in 2007, a time when the company held significant influence.
Today, Seven West Media’s share value sits near $0.14, reflecting its diminished standing in the media landscape.
Seven West Media "does not wield anywhere near the influence it once did — and it has a $0.14 share price to match."
At the AGM, shareholders voiced "patience is wearing thin" over executive pay, dividend failures, and the share price nosedive.
Stokes faced evident shareholder discontent amid concerns over the company’s vanishing market capitalization during the meeting.
Author’s summary: Kerry Stokes’ long tenure as Seven West Media chairman is ending amid sharp shareholder frustration over executive pay, absent dividends, and a dramatic share price collapse.