EXCLUSIVE
Radio mogul Bill Caralis put a succession plan in place for his multimillion-dollar family business before he suffered a fatal heart attack three days before his wife’s death.
The couple’s two youngest children, Despina Priala and George Caralis, immediately became joint CEOs of Super Radio Network when their father died at age 82 on July 19.
Caralis’ wife of 60 years, Pam, died of a long-term chronic illness aged 85 on 22 July at the same private hospital on the Gold Coast, Queensland, as her husband.
The sudden double blow came as a shock to the remaining family members, who had faced personal tragedies in the past.
The Caralis’ eldest son, John, is profoundly and permanently disabled and requires long-term full-time care as a result of catastrophic injuries sustained in a car accident.
A radio source who once worked for Mr. Caralis said that before John became incapacitated, he would have been the son most likely to take over the family business.
“I used to feel sorry for Bill,” the source said. “He’s a real Greek tragedy in many ways.”
‘Bill was a self-made man and his eldest son was the light of his life. But the company is in good shape to be able to run on its own.’
Radio mogul Bill Caralis, who had been reclusive in a stock corporation, left a succession plan for his multibillion-dollar family business before his death at age 82 on July 19. His only daughter, Despina Priala (above), and youngest son, George Caralis, are now joint chief executives of Super Radio Network.
Ms Priala initially told Daily Mail Australia she would need to consult her brother George before making any statement about the possibility of the brothers taking over the company, but insisted “we are united”.
He later declined to discuss the succession and when asked about his brother John’s circumstances he said: “These are all private matters and there is no comment on them.”
Mr Caralis, who was 16 when his father, a grocer named George, died in an accident, built the Super Radio Network of 42 stations across New South Wales and Queensland.
Attempts to value the Super Radio Network over the decades have ranged from $30 million to $200 million.
The group includes the once-dominant 2SM in Sydney, as well as 2HD and NEWFM in Newcastle, and is the largest private radio network in the country.
Mr Caralis, who was born in Greece and dropped out of school as a teenager, was famous both for his solitary nature and for having built a media empire from scratch.
The man who lured talkback king John Laws back to radio on 2SM in 2011 rarely gave interviews, was notoriously camera shy and did not flaunt his personal wealth.
A former chairman of Newtown rugby club, he was known for wearing a tracksuit when he arrived at the office and for being reluctant to spend money on equipment or wages.
Shortly before she died, a memo was posted to Super Radio Network staff announcing Mr. Caralis’ death and the new structure of the company on behalf of his three children and his wife.
Mr Caralis (front) built the 42-station Super Radio Network from scratch in New South Wales and Queensland. He is pictured here on his 80th birthday with (l-r) 2SM news director Diane Coveny-Garland, former programming director James Yelland and producer Justin Ross.
The note warned:With great sadness and grief, her beloved husband, father, leader and lifelong inspiration passed away at Pindara Hospital.
“While it was unexpected and a shock to us all, and while we are experiencing great pain and grief, the reality is that this sad eventuality is one that the family has prepared for for years and had a succession plan in place,” staff were told.
‘Under this plan, Despina Priala (née Caralis) and George Caralis will immediately assume the role of joint managing directors of all companies and entities within the Super Radio Network group.’
Ms Priala, the middle child of the Caralis, is a 52-year-old lawyer who runs her own business offering specialist services to property developers in the south-east Queensland market.
She has been practising law on the Gold Coast for over 25 years and hosts the weekly Talking Law programme on local family radio station Radio 97.
The radio informant described Ms Priala as “the brightest of the family” and “a really decent woman”.
The mother of two lives with her husband Roly in a $3 million home in Runaway Bay, while her brother George, 48, and his wife Jaimee share a home in Benowa worth about the same amount.
Bill and Pam Caralis owned a five-bedroom, three-bathroom property with a tennis court in Broadbeach Waters, purchased for $2.3 million in 2010.
Pam Caralis, the wife of radio mogul Bill Caralis, who was once worth an estimated $200 million, died just three days after losing her husband of 60 years. Mr. and Mrs. Caralis are pictured
ASIC records show Ms Priala and George Caralis were appointed directors of Broadcast Operations Pty Ltd, which controls Super Radio Network, on July 22, the day their mother died.
Three days later, they were also appointed joint secretaries of Transmission Operations, while their parents were still listed as equal shareholders of the company.
In the memo to Super Radio Network staff, employees were assured that everything would continue as usual with the next generation.
“Thanks to Bill’s incredible business acumen, forward-thinking vision and careful future planning, he left Super Radio Network in a formidable financial position – highly profitable, well-capitalized and debt-free,” the note said.
‘The Caralis family is committed to a “business as usual” approach for Super Radio Network, with no plans to change anything operationally. and in particular the day-to-day operations… are no different than they have been in the past.
‘Even though Bill C is no longer with us in his daily business activities and duties, you should hardly notice any change.’
He is pictured with local Radio 97 breakfast show presenter Brooke Marsden on her 80th birthday.
Robyn Maclean, described as Caralis’s “right-hand woman in the boardroom”, was the businessman’s personal assistant for 31 years and would continue to perform a similar role without her former boss.
“As usual, access to key decision makers, owners and CEOs will be exclusively through Robyn,” the staff said.
‘Those of you who knew Bill C will know that all he would want now is for business to continue as normal and for everyone to continue doing their jobs as best they can and with the minimum of fuss.
“That’s what the family is asking of you now.”
The note asked for “time and space to attend to family matters, so for the time being we ask for our privacy” until what was originally planned to be a single funeral.
He concluded: ‘In the meantime, let’s honour Dad’s legacy by getting back to normal.’
The funeral of Mr and Mrs Caralis was held at Sacred Heart Catholic Church in Clear Island Waters on the Gold Coast on Friday afternoon.
Among the mourners were Laws, 89, and rugby great Graeme Hughes, one of the presenters of 2SM’s long-running show Talkin’ Sport.