Kerry Stokes, the Last Media Mogul, Prepares to Step Down
Kerry Stokes has devoted his life to building a television network and newspaper publishing empire. On Thursday, he chaired his final Seven West Media annual shareholder meeting, which lasted 48 minutes. At 85, he announced he will retire from the board when Seven merges with Southern Cross Media Group early next year.
Reason for Retirement
“Because I would be arrogant if I didn’t. For me to say there wasn’t anyone better than I am is arrogant.”
Stokes acknowledged that a younger person might be better suited to lead the company forward. He expressed confidence in the new chairman, saying:
“I am convinced the new incoming chairman will do a great job and bring new energy and I’m excited about that.”
Future Role and Company Changes
Assuming no competing bids, Heith Mackay-Cruise, a seasoned media and technology director, is set to replace Stokes. The merged company will unite Seven Network, The West Australian, The Nightly, and radio networks Triple M and Hit.
Stokes, owning 20% of the new entity, will serve as an adviser but promises not to interfere in decisions.
“I don’t intend to be the interfering ex, nothing worse. I’m cheering from the side now.”
Summary
Kerry Stokes closes a significant chapter leading Seven West Media but remains engaged as an adviser while welcoming new leadership and energy.
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