The billionaire Stokes family has regained control of the merged Southern Cross Media Group, with Ryan Stokes appointed chair seven months after his father stepped down.
The chief executive of SGH has been selected as non-executive chair, effective immediately, after previously being appointed a board member in the merger.
It comes seven months after his billionaire father, Kerry Stokes, parted ways as chair in February, briefly handing over to Heith Mackay-Cruise before the latter stood down.
Director Teresa Dyson had been holding down the top role but will now chair a new risk, regulatory and compliance committee.
The merger of Seven West Media and Southern Cross Media Group earlier this year diluted the Stokes family’s combined interest in the enlarged media company.
It took the prominent family's shareholding down to 20 per cent from the 40.2 per cent it held through the diversified business it controls, SGH.
SCA told the market that Mr Stokes was a nominee of SGH, the operating and investment group that’s also behind WesTrac Australia.
Mr Mackay-Cruiser stood down from the enlarged media group – which owns the Seven-television network and The West Australian newspaper – after six months at the helm.
He took the inaugural chair role of the merged group in January, after which the board set about overhauling the organisation, moving on several senior staff members.
Chief executive Jeff Howard was among those to abruptly depart with Rohan Lund, a former Seven West Media and Foxtel executive, stepping into the role.
“The board's focus is clear, to give Rohan and the management team the strongest possible support to execute and to hold the company to delivering on that potential,” Mr Stokes told the market on Monday.
“The board is united on building a stronger, higher performing group and on driving returns for all shareholders."
Fellow director Cathy O’Connor has been elected lead independent director to provide overnight of the company’s governance frameworks.
She said the independent directors had put arrangements in place to preserve the board’s independence.
SCA told the market it was still searching for additional independent non-executive directors to bolster the board.
Shares in SCA were trading down 0.85 per cent to 58 cents per share.
