Kerry Stokes' Seven Faces Shareholder Backlash
At the company’s AGM, investors conveyed a clear message to billionaire Kerry Stokes: patience is dwindling over Seven West Media’s executive pay plans and its declining market value. After five decades as a major influencer in Australian media, Stokes is likely addressing shareholders as chairman for the final time.
Shareholders voiced strong dissatisfaction with the company’s approach to executive remuneration, the prolonged absence of dividend payments, and a share price that has steadily fallen.
Leadership Transition and Market Decline
Stokes, aged 85, is set to step down as chairman early next year if the merger with Southern Cross Austereo receives approval. The share price has plummeted by more than 99% from its 2007 peak, when shares traded above $14 during the broadcaster’s prime.
Nearly 20 years later, Seven West Media’s influence has significantly waned, reflected in its current share price of just $0.14.
Shareholder Sentiment at the AGM
During Thursday’s AGM, Stokes encountered growing shareholder frustration tied to the company’s rapidly shrinking market value.
"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."
Summary
The long-standing media leader Kerry Stokes is concluding his tenure amid mounting shareholder frustration over Seven West Media’s executive pay, lack of dividends, and collapsing share price.
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