Kerry Stokes Faces Shareholder Discontent at Seven West Media AGM
At the recent Annual General Meeting (AGM), investors expressed growing frustration with billionaire Kerry Stokes, signaling that their patience is running out regarding Seven West Media's executive pay strategy and declining market value.
A Decline After Decades of Leadership
After nearly 50 years in Australian media, mostly as a dominant figure, Kerry Stokes is likely making his final appearance as chairman of Seven West Media shareholders. The company has faced criticisms for not declaring dividends for years and experiencing a sharp drop in share price.
Chairman Transition and Share Price Plunge
Stokes, aged 85, is set 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 plummeted over 99% from its peak of more than $14 per share in 2007, reflecting its reduced influence.
Current Market Position
Nearly two decades after its prime, Seven West Media’s share price stands at around $0.14, revealing the company's diminished standing in the media landscape.
At Seven’s 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.”
Investors delivered a “sharp message” highlighting their dissatisfaction with the company’s performance.
Shareholder resentment is growing as the market value continues to erode, marking a challenging period for the broadcaster’s leadership.
Author's summary: Kerry Stokes faces final shareholder backlash as Seven West Media struggles with plummeting share prices, executive pay issues, and stalled dividends after decades of influence.