Reclusive Aussie radio tycoon’s final act before his death – and why Bill Caralis’ succession plan is a ‘Greek tragedy’

EXCLUSIVE

Reclusive radio magnate Bill Caralis had a succession plan in the works for his multi-million dollar company, but three days before his wife’s death, he suffered a fatal heart attack.

The couple’s two youngest children, Despina Priala and George Caralis, immediately became joint directors of the Super Radio Network when their father died on July 19 at the age of 82.

Pam, Mr Caralis’ wife of 60 years, died on July 22 at the age of 85 from a chronic illness in the same private hospital on the Gold Coast in Queensland as her husband.

The sudden double blow came as a shock to the surviving family members, who had already dealt with personal tragedies in the past.

Caralis’ eldest child, John, is severely and permanently disabled and has required full-time care for a long time as a result of serious injuries he sustained in a car accident.

A radio insider who once worked for Mr Caralis said that before he became incapacitated, John was the most likely son to take over the family business.

“I always felt sorry for Bill,” the insider said. “It’s a real Greek tragedy in many ways.

“Bill was a real self-made man and his oldest son was the bright spot in his life. But the company is in good shape to run itself.”

Ms Priala initially told Daily Mail Australia she had to consult with her brother George before she could make a statement about the siblings’ takeover of the business, but she stressed that “we are united”.

She later refused to discuss the succession and when asked about her brother John’s circumstances, she said: ‘These are all private matters and there is no room for comment.’

Mr Caralis, who was 16 when his grocer father George was killed in an accident, built the Super Radio Network with 42 stations across NSW and Queensland.

Attempts to determine the value of the Super Radio Network have ranged over the decades from $30 million to $200 million.

The group includes the once dominant 2SM in Sydney, and 2HD and NEWFM in Newcastle. It is the largest private radio network in the country.

Born in Greece and leaving school at a young age, Mr Caralis was known for his reclusive nature but also for having built a media empire from scratch.

The man who lured talk show king John Laws back to the radio at 2SM in 2011, rarely gave interviews, was notoriously camera shy and did not flaunt his personal wealth.

He was once chairman of Newtown Rugby Club and was known for always wearing a tracksuit to the office, and was reluctant to spend money on kit or salary.

Shortly before her death, a message was sent to Super Radio Network staff on behalf of his three children and his wife announcing Mr. Caralis’ passing and the new corporate structure.

The letter stated the following:It is with great sadness and pain that their beloved husband, father, leader and lifelong inspiration passed away at Pindara Hospital.

“While this was unexpected and a shock to all of us, and we are in great pain and sorrow, the reality is that the family has been preparing for this sad event for years and has a succession plan in place,” staff were told.

‘Under the 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 Caralis, is a 52-year-old lawyer who runs her own firm providing specialist services to property developers in south-east Queensland.

She has been a lawyer on the Gold Coast for over 25 years and presents the weekly Talking Law program on local family-run Radio 97.

The radio insider described Mrs Priala as ‘the intelligent one of the family’ and ‘a very decent woman’.

The mother of two lives with her husband Roly in a $3 million home in Runaway Bay, while her 48-year-old brother George and his wife Jaimee share a home in Benowa worth about the same amount.

Bill and Pam Caralis owned a five-bedroom, three-bathroom home with a tennis court in Broadbeach Waters, which they purchased for $2.3 million in 2010.

ASIC records show that Ms Priala and George Caralis were appointed directors of Broadcast Operations Pty Ltd, which operates the Super Radio Network, on July 22, the day their mother died.

Three days later, they also became joint secretary of Broadcast Operations, while their parents were still listed as equal shareholders of the company.

The letter to Super Radio Network staff assured employees that under the next generation everything would be ‘business as usual’.

“Thanks to Bill’s incredible business acumen, foresight and careful forward planning, he has left the Super Radio Network in a tremendous financial position, highly profitable, well capitalized and debt free,” the letter said.

The Caralis family is committed to a “business as usual” approach for the Super Radio Network, with no plans to make any operational changes and especially the day-to-day running of things… no different than in the past.

‘Even though Bill C no longer participates in your daily activities and tasks, you will hardly notice any changes.’

Robyn Maclean, described as Mr Caralis’s ‘right-hand woman in the boardroom’, was the entrepreneur’s personal assistant for 31 years and would continue in a similar role without her old boss.

“As usual, access to key decision makers, owners and directors will be through Robyn only,” the staff said.

‘For those of you who knew Bill C., all he wants now is for business to continue as normal and for everyone to do their jobs to the best of their ability, with as little fuss as possible.

“That’s what the family is asking of you now.”

The letter asked for “time and space to attend to family matters, so for this time we ask for our privacy” until an initial one funeral would take place.

The conclusion was: ‘In the meantime, let us all honor our father’s legacy by returning to business as usual.’

The funeral of Mr and Mrs Caralis took place on Friday afternoon at the Sacred Heart Catholic Church in Clear Island Waters on the Gold Coast.

Among the mourners were 89-year-old Laws and rugby league legend Graeme Hughes, a presenter of the long-running Talkin’ Sport programme on 2SM.