Australian media mogul Kerry Stokes has announced that he will step down as chairman of investment firm Seven Group Holdings after its annual general meeting in November.
The diversified holdings group, which has investments in industrial services, oil and gas, and media, will be helmed by the Seven Group director and former Coca-Cola Amatil boss, Terry Davis.
Stokes will remain chairman of Seven West Media. His son, Ryan Stokes, is chief executive of Seven Group.
“Seven Group shareholders has an exceptional board of experienced directors, a talented, highly capable and hardworking management team and a strategic portfolio of businesses,” Stokes said in a statement.
“I am very proud of Seven Group and its track record and, as I pass the baton to Terry, I am very confident in its future. Terry’s contribution to Seven Group is first class, and I know he will make an excellent chairman,” Stokes said.
“In reflecting on what Seven Group has achieved in terms of building stronger businesses and delivering shareholder returns, I am confident that I leave Seven Group in the best possible hands under the stewardship of Terry and the board and the leadership of Ryan.
“Of course, I remain very committed to Seven Group, and I will remain involved in the business in an advisory capacity. As a shareholder, I look forward to the company’s continued growth and prosperity,” Stokes added.
Seven Group recorded growth in revenue for the last financial year across its portfolio of businesses, including WesTrac, Coates, Boral, Beach Energy, SGH, and Seven West Media.
This was driven by a takeover for Boral, continued mining production during the pandemic, demand for LNG, and reducing operating costs at Seven West Media, according to the group’s annual report.
The group reported revenue of $4.8 billion, up 6 percent from last year, and raised its annual dividend by 10 percent to 23 cents per share.