Mitchell takes time out to 'retire'
From August 10, Mr Mitchell will no longer serve as executive chairman of Aegis Australia and New Zealand. It's a position he recently described as being a "bit like a gynaecologist - you try to have a holiday and someone says, 'Don't you know my baby is due?' "
Long described as one of Melbourne's most powerful people, Mr Mitchell told BusinessDay he would keep his board positions. He doesn't count how many he has, but they span sport, philanthropy and casino company Crown, which hosted his 70th birthday last year.
"People continue to ask me to do many, many things," Mr Mitchell said. "Life will continue. I've been doing things forever that people say they'll do when they retire." Mr Mitchell will leave 54 years to the day since he left the Victorian town of Stawell for work as an office boy in a Melbourne advertising agency.
With an "intense motivation to make something" of himself, Mr Mitchell started his own media company, Mitchell & Partners, in 1976. This spanned an "extraordinary half century of mass media and personal global networking ... from Bakelite radios and crystal sets, to digital TV and global roaming on free phones".
During the decades, he cut deals with the Murdoch, Packer, Fairfax and Stokes families, which he credits with helping Mitchell & Partners grow into Australia's biggest media and communications company.
"Australians are probably the best in the world in having partnerships and trust," he said.
Mitchell & Partners was sold to UK-based Aegis a few years ago for $363 million. He took stock and Aegis was in turn swallowed by Japanese media giant Dentsu - a sale that underpinned BRW's estimates that Mr Mitchell was worth $370 million. It's a figure on which he won't be drawn.
Beyond his business, there's been writing - an autobiography titled Living Large and a column for Fairfax Media - plus lap-band surgery and philanthropy.
He recently donated $12.5 million to Victoria University to establish a health and education policy research institute and also owns cattle stations. At 71, there's still plenty to do.
Frequently Asked Questions about this Article…
Harold Mitchell is a self-made media entrepreneur who founded Mitchell & Partners in 1976 and has been a high-profile figure in Australian business for decades. He served as executive chairman of Aegis Australia and New Zealand, holds multiple board positions (including in sport, philanthropy and casino company Crown), and has been involved in major media deals. Investors may note his retirement because of his influence on media and corporate boards and his long-standing industry relationships.
Harold Mitchell will retire from his day job and stop serving as executive chairman of Aegis Australia and New Zealand from August 10, according to the article.
No. The article says Mitchell will keep his board positions across sport, philanthropy and at Crown. He also mentioned he does not keep count of how many boards he sits on.
Mitchell & Partners, founded by Harold Mitchell in 1976, was sold to UK-based Aegis for $363 million a few years ago. Mitchell took stock in that deal, and Aegis was later acquired by Japanese media giant Dentsu, which underpinned media estimates of Mitchell’s personal wealth.
The article does not report any immediate operational changes to Aegis, Dentsu or Crown. It specifically notes Mitchell is leaving his executive chairman role at Aegis but will retain board positions. For concrete governance or strategy impacts, investors should look for formal company announcements.
BRW estimates Harold Mitchell’s worth at about $370 million, a figure derived in part from the sale of Mitchell & Partners to Aegis and the subsequent Dentsu acquisition. The article notes Mitchell himself declined to be drawn on that estimate.
The article highlights a $12.5 million donation Mitchell recently made to Victoria University to establish a health and education policy research institute. It also notes his broader philanthropic involvement and that he owns cattle stations.
Mitchell left the Victorian town of Stawell as an office boy and later founded Mitchell & Partners in 1976. Over decades he cut deals with major media families and organisations including the Murdoch, Packer, Fairfax and Stokes groups, helping Mitchell & Partners grow into Australia’s largest media and communications company before its sale to Aegis.
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