Kerry Stokes' Seven Faces Shareholder Backlash
At Seven West Media's annual general meeting, billionaire Kerry Stokes received a clear message from investors: their patience is running out regarding the company’s executive pay plans and its declining market value.
After five decades in the Australian media industry and many years as one of its key powerbrokers, Stokes, 85, is expected 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 2007 peak of more than $14 per share, reflecting its diminished influence and current trading near $0.14.
Investor Concerns at the AGM
Investors expressed frustration over Seven's ongoing failure to declare dividends, the company's executive compensation plans, and the stark decline in its share price.
This sharp discontent highlights shareholder apprehension about Seven's future and its ability to regain former stature in the media landscape.
Stokes’ Legacy and Company Decline
- Stokes has been a dominant figure in Australian media for decades.
- Seven West Media is no longer as influential as it was in its prime.
- The merger with Southern Cross Austereo could mark a turning point for the company.
With the AGM reflecting growing shareholder unrest, Stokes' final tenure as chairman underscores the challenges facing Seven West Media in a rapidly changing market.
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