New Seven Group Holdings chief executive Ryan Stokes' says he is confident he can navigate the tough media and mining environment he is walking into.
The 38-year-old son and designated heir to his father, self-made business magnate Kerry Stokes, has ascended to the top of the company earlier than expected.
The core strategy would not change, he said, which of late has been cutting costs to combat the downturn in work for its WesTrac business, which represents nearly half of earnings.
The diversified Seven Group he will run includes WesTrac mining services, Coates Hire, a large stake in Seven West Media, a new oil and gas division and other interests.
"The market conditions are what they are, we've been working to obviously continue to strengthen the business in and around this market environment," Ryan Stokes old AAP.
"SGH is in very good shape in what are challenging times, and our focus will remain on effectively deploying our available capital to enhance shareholder returns."
Seven posted a 74 per cent fall in first half net profit to $68.5 million in February, as it lost mining clients and took impairments on the media business.
On Monday it re-confirmed its earnings guidance for 2014/15 for a 10-15 per cent fall in underlying earnings.
Investors did not react positively, sending it's shares down 29.5 cents, or four per cent, to $7.025 by 1457 AEDT.
Ryan Stokes compared his working relationship with his father to that of any corporation.
"Like any organisation, the board and chairman are the guiding principles of our process and our structure and our governance is no different," he said.
That view was backed by the person he is replacing, Don Voelte, who will depart after only two years in the job.
"If their last names weren't the same I wouldn't know they were father and son, we never refer to it that way," he told AAP.
"Ryan is his own man, he's obviously in my mind the right person to pick up this job."
Kerry Stokes, aged 73, who famously grew up in poverty, is Seven's chairman and has a 70 per cent stake in the group.
Ryan Stokes has been involved in the family business for 15 years, including three as Seven's chief operating officer.
"The transition at SGH is a very smooth and orderly one, hopefully it isn't a major surprise to the market," Ryan Stokes said.
Morningstar analyst Tim Mann said the departure of Mr Voelte, a former Woodside Petroleum chief executive, so soon was a surprise but not the decision on his replacement.
"Ryan Stokes is well credentialled, he has had exposure to all facets of the business and has a good grasp of the details including the opportunities, difficulties and challenges it faces," he said.
"Kerry ultimately controls the business, that is obvious to everyone."
Mr Voelte will stay on until the end of August.
Ryan Stokes is the third-oldest of billionaire Kerry's four children.
His mother Denise was the second of Kerry's four wives.
Share
