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 - families 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. His 92-year-old father still chops his own wood.
Frequently Asked Questions about this Article…
Harold Mitchell will step down from his day job as executive chairman of Aegis Australia and New Zealand from August 10. He described the role as demanding but said he plans to remain active in other capacities.
No. Harold Mitchell has said he will keep his board positions across sport, philanthropy and business — he won’t be counted but intends to remain involved as a director.
Mitchell started Mitchell & Partners in 1976 and grew it by cutting deals with major media families like Murdoch, Packer, Fairfax and Stokes. Mitchell & Partners was later sold to UK-based Aegis for $363 million, and Aegis was subsequently acquired by Japanese media group Dentsu.
BRW estimated Harold Mitchell’s worth at about $370 million, a figure underpinned by his stock held when Mitchell & Partners was sold to Aegis and Aegis’s later sale to Dentsu. Mitchell himself declined to be drawn on the exact figure.
Harold Mitchell donated $12.5 million to Victoria University to establish a health and education policy research institute, demonstrating his ongoing commitment to philanthropy.
Mitchell has written an autobiography titled Living Large, written a column for Fairfax Media, undergone lap-band surgery, and owns cattle stations. He also remains active in social and sporting boards.
Mitchell’s career spans more than five decades: he left Stawell for an office-boy job in Melbourne 54 years ago and founded Mitchell & Partners in 1976, describing his time in media as an "extraordinary half century" of change.
Mitchell has credited his success to strong partnerships and trust, saying Australians are "probably the best in the world in having partnerships and trust," reflecting the collaborative deals that helped grow his business.
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