Ryan Stokes is to become the CEO of the Seven Group, the media and mining services company chaired by his billionaire father 74-year-old Kerry.
He will take over from Don Voelte, a resources industry veteran who’s been with the group for seven years.
Voelte will remain as a consultant to focus on the group’s recently established energy division.
“Ryan Stokes is the right choice to lead the group forward and he will be an outstanding CEO,” says Voelte. “This is a natural progression and now is the right time for this transition.”
Ryan Stokes, aged 38, has been chief operating officer for the past three years. He is also a director of Seven West Media and the group’s WesTrac division, the sole authorised Caterpillar dealer in Western Australia, New South Wales and North Eastern China.
Ryan is also CEO of the Stokes family private company, Australian Capital Equity.
James Packer, another son of a billionaire who took over the family company, is impressed with Ryan, calling him thoughtful and hard-working.
Ryan’s pay package will be announced later.
First half revenue was down 11.37% to $1.397 billion and profit down 74.05% to $68.485 million. Underlying net profit was down 9.97% to $117.95 million.
Shares in Seven closed 5.6% down to $6.91.