Kerry Stokes to step down from Seven Group Holdings, remains with SWM
Seven Group Holdings chairman Kerry Stokes has announced he will step down as the chairman of Seven Group Holdings, which he is the majority owner of.
Coca-Cola Amatil boss Terry Davis will replace him, but Stokes will retain his position as chairman of Seven West Media.
Stokes
In a statement to the ASX, Stokes said he will continue to be involved in Seven Group Holdings in an advisory capacity and as a shareholder.
“SGH shareholders has an exceptional Board of experienced directors, a talented, highly capable and hardworking management team and a strategic portfolio of businesses.
“I am very proud of SGH and its track record. In reflecting on what SGH has achieved in terms of building stronger businesses and delivering shareholder returns, I am confident that I leave Seven Group Holdings in the best possible hands under the stewardship of Terry and the Board and the leadership of Ryan (Stokes).
“Of course, I remain very committed to Seven Group Holdings 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.”
Seven Group Holdings has a 40.2% stake in Seven West Media, which includes the Seven Network, 7plus, and The West Australian.
Its investments and business also include leading Caterpillar dealer WesTrac Group, and Coates – Australia’s largest nationwide industrial and general equipment hire business. SGH also has shareholdings in construction and materials group Boral, and oil and gas business Beach Energy.
Stokes has served as executive chairman of the Seven Group since its formation in 2010.
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Zanda Wilson was a reporter and podcast producer at Mumbrella, specialising in radio reporting. He left Mumbrella in September 2021.
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