Stokes back in control of Seven as chairman

Billionaire mining and media scion Ryan Stokes is the new chairman of the company that owns the Seven Network along with The West Australian and Triple M.

Stokes’ father, Kerry, stepped down as chairman of the company in February after engineering the merger of his TV and newspaper empire, Seven West Media, with radio company Southern Cross Austereo. Stokes is the company’s fourth different chair since the merger.

It has been a tumultuous start for the company, with a number of executives from the Seven side of the business immediately ousted, alongside CEO Jeff Howard, before the Stokes family took back control in a series of moves culminating in Monday’s announcement that Ryan Stokes would succeed Teresa Dyson, a longtime family associate, as company chair.

The long-time controlling shareholders of Seven had their control of the company halved in the deal. Though just two weeks ago, the Stokes’ bought back into the company for the first time, as Seven Group Holdings upped its stake from 20.2 per cent to 23.2 per cent.

Alongside the Seven Network, the company wields significant influence in Perth through West Australian Newspapers, located where the Stokes’ mining business largely operates. The company also owns the Triple M and Hit radio networks, and the LiSTNR digital audio platform.

Dyson will remain on the board as an independent director, but there was no room in Monday’s announcement for former Stokes lieutenant Bruce McWilliam, who has emerged as a major shareholder with the financial backing of another Perth-based billionaire, Gina Rinehart.

Stokes said the board’s focus is to help new chief executive Rohan Lund the strongest support possible to deliver on its potential.

“The board is united on building a stronger, higher-performing group and on returns for all shareholders,” Stokes said.

Cathy O’Connor, who led Lachlan Murdoch’s Nova Entertainment for almost 20 years, and was recently chief executive of outdoor media company oOh!media, was also elected as lead independent director. She said the board had established her role, a majority of independent directors, and independent directors of its committees to ensure good governance.

“We are satisfied the board has the independence it needs for the phase ahead,” she said.

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