Kerry Stokes spent a lifetime building a television network and newspaper publisher. On Thursday he presided over his last Seven West Media annual shareholder meeting that lasted 48 minutes.

Asked why he decided to retire — the 85-year-old will leave the board when Seven merges with Southern Cross Media Group early next year — Mr Stokes made an unusual concession for a media mogul: the job might be better with a younger man.

“Because I would be arrogant if I didn’t,” he told The Nightly. “I’m 85. For me to say there wasn’t anyone better than I am is arrogant.

“I am convinced the new incoming chairman will do a great job and bring new energy and I’m excited about that.”

Assuming no last-minute counter bid, the West Australian will be replaced by Heith Mackay-Cruise, a long-time media an

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