Kerry Stokes.
Billionaire Kerry Stokes has stepped down as chair of Southern Cross Media Group Limited, the combined Seven West and SCA company.
The 85-year-old is replaced by Heith Mackay-Cruise, who was chair of SCA.
Stokes has served as interim chairman of SCA and before that chairman of Seven West Media for more than 14 years.
He also served as Chairman of Seven Network Limited and Seven Media Group, overseeing the Seven Television Network and other related online and publishing media assets in the capacity of chairman from 1995.
“For more than 30 years I’ve been involved at a direct level with the Seven Network,” he said.
“I’ve worked with some of the industry’s most gifted and talented people delivering innovative sport, news and entertainment content to Australian audiences.
“The newly merged organisation is an important part of the fabric of the Australian way of life and our people will continue to deliver the best quality outcomes to our customers and our communities.
“It gives me confidence that the talented staff will continue to support the Seven Network. I am confident that under Heith’s chairmanship he will continue to grow the Australian media businesses on all of the platforms that we now own.
“My family will remain a major shareholder in the group and (son) Ryan Stokes will continue to represent the family on the board.”
The merger combines Seven's national television network and publishing assets with Southern Cross' radio footprint and digital audio platform LiSTNR. Revenue is forecast at $1.96 billion, with operating profit of $233 million.
Heith Mackay-Cruise said Kerry’s contribution to the media industry in Australia is unparalleled.
“I gratefully acknowledge and thank Kerry for his contribution over his extraordinary leadership tenure.
“His impact in bringing the SCA and Seven West assets together will be enduring.
“Our board, management and staff are committed to harnessing the potential of that opportunity.
“I also thank Michael Malone, who steps down as a director of SCA today, having previously served as a director of Seven West Media and a member of its committees for over 10 years. Michael has contributed significantly to our digital future.”
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