Voelte gets call in Seven's big shake-up
A second round of management shake-ups at billionaire Kerry Stokes's stable of investment and media companies will see the West Australian businessman's long-serving lieutenant Peter Gammell step down as director of Seven Group Holdings for Don Voelte.
The departure by Mr Gammell follows the announcement earlier this month that Mr Voelte, the former Woodside boss, would stand down as managing director and CEO of Mr Stokes's media play, Seven West Media, in July to make way for Tim Worner.
Seven Group Holdings, a diversified investment company that has stakes in the Seven Network and mining services company WesTrac, said on Thursday that Mr Voelte had been appointed as its new CEO. Mr Voelte will also be deputy chairman of Seven West Media when he steps down from leading that business.
"We are pleased that Don has accepted this challenge at Seven Group Holdings," said Mr Stokes.
During his short stint of running Seven West Media he hacked into the cost base, stripping back expenses and sharply restructuring the TV network's operations.
"In his role as a director and then CEO, his contributions in implementing fundamental changes at Seven West Media have placed that company in a strong position to meet the demands of a challenging media and consumer landscape," Mr Stokes said.
Mr Gammell, a long time aide to Mr Stokes, will resign as CEO of Seven Group Holdings on June 30.
"Having been instrumental in the transformation of Seven Group Holdings over the past three years, it now seems to me to be an opportune time to take the next step in my journey with Kerry," Mr Gammell said.
A major restructuring of Seven in 2011 led to the creation of Seven West Media through the acquisition of Seven Media Group by West Australian Newspapers.