Australian Billionaire Kerry Stokes to Step Down as Chair of Seven Group

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 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.