Massive shake up for Seven as media baron Kerry Stokes RETIRES after rising from penniless orphan to billionaire and one of Australia's most successful businessmen
Billionaire Kerry Stokes is retiring as the chairman of Seven Group in a major shake-up of Australia's media hierarchy.
The media mogul, 80, has announced he will step down from the mining, media and construction conglomerate from November after 11 years at the helm.
Mr Stokes will keep his role as chairman of Seven West Media, which owns Channel Seven and The West Australian newspaper.
Mr Stokes is one of the most successful businessmen in Australian history, having risen from humble beginnings as an orphan to build a fortune of more than $7billion on the back of his career as a Perth property developer.
Kerry Stokes pictured with his wife Christine Simpson Stokes. The billionaire businessman is retiring as the chairman of Seven Group after 11 years at the helm
His son Ryan Stokes will stay on as Seven Group chief executive after overseeing a seven per cent increase in its annual earnings - driven by a strong year for the company's mining and construction arms.
Existing board member Terry Davis - the former chief executive of Coca-Cola Amatil - will replace the 80-year-old as Seven Group chairman.
Mr Stokes said he would instead work as an advisor for the conglomerate's board, for which he will be paid an annual fee of $475,000 for the next three years.
'I am very proud of SGH and its track record and, as I pass the baton to Terry, I am very confident in its future,' Mr Stokes said.
'I am confident that I leave SGH in the best possible hands under the stewardship of Terry and the board and the leadership of Ryan.'
Mr Stokes will also keep his position as chairman of private investment firm Australian Capital Equity.
Ryan Stokes - pictured with his wife Claire - will stay on as Seven Group chief executive after overseeing a seven per cent increase in the company's annual earnings
Mr Stokes pictured in March at the Leadership Matters Breakfast in Perth. He will keep his role as chairman of Seven West Media, which owns Channel Seven and The West Australian
Kerry Stokes and his wife Christine Simpson-Stokes pictured together at a restaurant opening at the Burswood Entertainment Complex in 2012
The announcement of his departure came as Seven Group announced a six per cent increase in revenue to $4.56billion in 2020.
Earnings from its core WesTrac and Coates businesses increased by eight per cent and four per cent respectively.
Mr Stokes now has four grandchildren after the birth of Ryan Stokes' son Rafferty Kerry Campbell Stokes in June, and has been married four times.