Seven Group Holdings has announced that Ryan Stokes has been appointed as its new chief executive, replacing Don Voelte who will retire at the end of August.

Stokes is the 38-year-old son of founder Kerry Stokes and the third eldest of the billionaire’s four children. Ryan has been Seven’s operating officer since 2012.

Seven Group Holdings has a number of interests – primarily in mining and media – which include the Seven Network, Pacific Magazines and West Australian Newspapers.

“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,” Ryan Stokes said in a statement.

In February this year Seven West Holdings posted a $993.6 million half year loss following significant write-downs to the value of its television businesses.

The outgoing Don Voelte, a former Woodside Petroleum chief executive, said he would help transition the young Stokes into the role before returning with his family to his native US.