Kerry Stokes' Seven Faces Shareholder Backlash at AGM
At the company’s AGM, investors sent a clear message to billionaire Kerry Stokes: patience is running out regarding Seven West Media’s executive pay plans and its declining market value.
After five decades in the Australian media industry, largely as one of the nation’s most influential powerbrokers, Stokes likely addressed shareholders as chairman of Seven West Media for the final time.
The shareholders expressed sharp concerns about the company’s approach to executive compensation, its long absence of dividend payments, and a share price that has steadily fallen.
Stokes' Imminent Departure and Share Price Plunge
At 85 years old, Stokes plans to step down as chairman early next year—contingent on approval of the merger between Seven and Southern Cross Austereo.
The current share price hovers around $0.14, a staggering decline of over 99% from its 2007 peak above $14 per share, which marked the broadcaster’s height of influence.
"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."
Declining Influence of Seven West Media
Nearly two decades after its peak, Seven West Media no longer holds the sway it once commanded in the Australian media landscape, reflected in its diminished market position and valuation.
During the AGM, Stokes was met with growing shareholder dissatisfaction over the company’s shrinking market value.
"Seven does not wield anywhere near the influence it once did — and it has a $0.14 share price to match."
Author's summary: Kerry Stokes is poised to leave Seven West Media amid shareholder frustration over executive pay, missing dividends, and a sharp collapse in the company’s share price and influence.
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