He's worked his way around his father's diverse industrial services, media and energy company; now Ryan Stokes has been anointed to the top job.
Stokes - currently chief operating officer of Australia's Seven Group Holdings - becomes incoming managing director and chief executive, succeeding Don Voelte who retires at the end of August.
He has been a director of the family holding company, Australian Capital Equity since 2001 and chief executive for the last five years, the same period he has been on the SGH board as executive director. He has worked in China and as a director of WesTrac, and as a director of Seven West Media which owns the Seven Network, the West Australian newspaper, Pacific Magazines and a half share in Yahoo7 - companies with which he has been involved at director levels over the last decade. He is also chairman of the National Library of Australia, a director of the Australian Strategic Policy Institute, a member of the Prime Ministerial Advisory Council on Veterans Mental Health a former chairman of the Headspace national youth mental health foundation and a former member of the International Olympic Committee's radio and television commission.
Voelte is retiring after seven years with the group, a difficult decision he says was driven by the need to place his US family first. He is retiring from all directorships within the group, but will remain as a consultant with a focus on the recently established energy division.
"I am very pleased that I will have an ongoing involvement with this great company, and I'm looking forward to being able to continue to make a contribution," says Voelte.
"Ryan Stokes is the right choice to lead the group forward and he will be an outstanding chief executive."
Seven executive chairman Kerry Stokes thanked Voelte for "all that he has contributed since first joining the board of West Australian Newspapers in 2008.
"He can be rightly proud of all his achievements."
Ryan Stokes says the group's core strategy "remains intact" and he will continue to focus on building businesses that provide returns for all stakeholders by enhancing market leading positions and identifying new growth opportunities.
"SGH is in very good shape in what are challenging times," he says.
Aged 38, Ryan Stokes is the third eldest of his billionaire father's four children. He holds a BComm from Curtin University and is a Fellow of the Australian Institute of Management (FAIM).