Kerry Stokes, the executive chairman of Seven Group Holdings, will step down from his current role in November this year. Stokes has chaired the company since its inception in April 2010. Nonetheless, he will continue to act as the Chairman of both Seven West Media publications - The West Australian newspaper, and Australian Capital Equity.
After SGH's Annual General Meeting, Terry Davis will replace Stokes as the executive chairman of the company. The goal will be to keep building stronger businesses and delivering shareholder returns.
Stokes will remain involved in SGH business in an advisory capacity by taking on a consulting role with the company's board and management team.
The SGH earnings clocked in at $792 million before interest and tax (EBIT) in its annual report. A majority share was delivered by WesTrac, at an UEBIT of $400 million, followed by Boral at $38 million. Seven Group now owns 70% of Boral (up from 26% in June, followed by its acquisition).
SGH’s revenue saw a stupendous rise by more than 6% year-on-year to $4.5 billion. A statutory profit was posted by SGH after tax of $634 million in the 2020-2021 financial year. The company’s revenue projections continue to be strong, despite the corona devastation of the past year.