Kerry Stokes exits Seven Group, but will remain chair of Seven West Media

Seven Group Holdings, parent company of Seven West Media, has announced that Kerry Stokes will step down as chairman after the company’s Annual General Meeting in November.

Stokes has indicated though that he will continue as chairman of the TV, digital and publishing business Seven West Media.

Replacing Stokes at Seven Group will be Terry Davis who has served on the Seven Group board since 2010. The company noted the appointment of Davis comes with the endorsement of Seven’s Group’s largest shareholder, another Stokes’ controlled company, Australian Capital Equity.

Stokes has been the executive chairman of Seven Group since it was formed in 2010.

In a statement to the ASX this morning, Stokes said:

“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.”

See also: Seven’s opportunities with Olympics, SVOD partnership, shaking up OzTAM