Stokes plans to go again at Seven West

Seven West Media chair Kerry Stokes has confirmed plans to extend his tenure beyond 15 years ahead of the company’s annual general meeting in November.

The move would extend the 83-year-old self-made billionaire’s time in the role, which he assumed in December 2008, by three years to 2026.

Mr Stokes was previously chair of Seven West Media’s parent company, Seven Group Holdings, but retired from the role in 2021 and was succeeded by Terry Davis.

At the time he retained his chair positions at the media company, which publishes The West Australian newspaper and runs the Seven TV network, and at his private investment vehicle Australian Capital Equity (ACE).

Mr Stokes confirmed his intent to go again as chair of Seven West Media in a release to market late on Friday.

Seven West’s AGM notice highlighted Mr Stokes’ extensive experience within the organisation in supporting the nomination.

“It is the board’s view that Mr Stokes is the most appropriate person to lead the board as chairman given his experience and skills, particularly with regard to his long-term association with the various media businesses in the company,” it said.

“His leadership attributes, business relationships and insights are considered to be invaluable to the company.”

Independent non-executive directors Teresa Dyson and Michael Ziegelaar were also recommended for re-election.

The AGM comes off the back of a challenging 2023 financial year for SWM.

The company recorded earnings before interest, tax, depreciation and amortisation of $280 million and earnings before interest and tax of $238 million; down 18 and 23 per cent, respectively, on the previous financial year.

Its underlying net profit after tax was $146 million, a 27 per cent year-on-year drop.

The group results were attributed to a challenging macroeconomic climate, driven by a decline in the TV market.

The company’s West Australian Newspapers arm reported a 2.3 per cent drop in advertising revenue and a 1.1 per cent decline in circulation revenue, but claimed a 17 per cent uptick in digital subscriptions.  

Mr Stokes owns 57 per cent of Seven Group Holdings and around 40 per cent of SWM through his investment vehicles.

His son and fellow businessman Ryan Stokes is managing director and chief executive of Seven Group Holdings, chief executive of ACE, and also sits on the Seven West Media board.