Shares in family-controlled Australian business Seven Group Holdings dropped over 5% on the news second-gen Ryan Stokes would be taking over as chief executive and managing director in August.
Existing non-family executive Don Voelte had been part of the holding group for seven years, and chief executive since 2013, but said he wanted to dedicate more time to his family in the US.
Seven Group has interests in the media, mining and construction industries, and last year had revenues of AU$3.1 billion.