Kerry Stokes' Seven Swan Song Marked by Shareholder Discontent
At the company's AGM, investors conveyed a clear message to billionaire Kerry Stokes: patience is wearing thin regarding Seven West Media's executive pay plans and its declining market value. After five decades in Australian media, much of it as a leading powerbroker, Stokes likely faced Seven West Media shareholders as chairman for the final time.
Shareholders expressed frustration over executive remuneration, the lack of dividends for years, and the share price nearing collapse.
Decline in Market Value and Influence
Stokes, 85, plans to step down as chairman early next year if the merger with Southern Cross Austereo gains approval. Since peaking at over $14 per share in 2007, when the broadcaster was at its height, Seven’s share price has plummeted by more than 99% to just $0.14.
Nearly two decades later, Seven West Media no longer holds its former influence, reflected sharply in its dwindling stock value.
Shareholder Sentiment at the AGM
During the Thursday AGM, Stokes confronted growing shareholder resentment over the company’s disappearing 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
Kerry Stokes’ final year as chairman highlights shareholders’ deep dissatisfaction with Seven West Media’s poor financial performance and long-term decline.
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