Blackmores CEO Christine Holgate to be new boss of Australia Post

Blackmores CEO Christine Holgate will be the new Australia Post boss, on a much lower salary than her predecessor.

Christine Holgate. Picture: Aaron Francis.

Blackmores boss Christine Holgate will be the new Australia Post boss, on a lower salary than her predecessor.

Ms Holgate has run Blackmores, which makes vitamins and nutritional supplements, for the last nine years.

At Australia Post she will be on $1.375 million with the potential to earn incentive payments of up to $1.375 million, taking her potential total pay to $2.75 million.

This compares with the $5.6 million outgoing boss Ahmed Fahour picked up last year — a payment which proved controversial. He leaves next month after seven-and-a-half years in the role.

Parcels boss Bob Black wasn’t a contender for the top job.

Ahmed Fahour

At Blackmores, Ms Holgate is paid $900,000 in fixed pay plus $900,000 in short-term bonuses with the potential to earn up to $1.8 million in long-term bonuses. This brings her potential pay cheque at Blackmores to $3.6 million.

Ms Holgate will leave Blackmores (BKL) on September 29 and start at Australia Post in mid-to-late October.

Ms Holgate said Australia Post had proven itself to be one of the most resilient and successful postal businesses anywhere in the world.

“I feel fortunate to be joining at a time when we can really strengthen Post’s leading position in the eCommerce market — both here, in Australia, and in Asia,” Ms Holgate said.

Blackmores chairman Stephen Chapman said of Ms Holgate: “It is with regret that we announce Christine’s departure from Blackmores.”

He said director Marcus Blackmore would return from a sabbatical to become interim chief executive.

Mr Chapman has been acting as chairman while Mr Blackmore has been on leave, and will continue as chairman after a new CEO is appointed.

“We have a clear strategy in place and a strong executive team, including potential CEO candidates, to take the company forward,” Mr Chapman said.

Mr Blackmore will continue as a director of the company with an added responsibility as brand president.

In nine years Ms Holgate guided the natural healthcare company through a period of huge growth and expansion into China that briefly helped lift its shares on the ASX above $220.

“Blackmores has enjoyed great success under Christine’s leadership,” Mr Blackmore said.

“We’ve continued our expansion into Asia and diversified our earnings through growth of our core segments and key acquisitions. Importantly, she has been a champion for the values that have steered this company for the last 85 years.”

Ms Holgate said she was proud of what had been achieved at Blackmores.

“I have no doubt that it has been working with Marcus and the team at Blackmores that made me recognise my responsibility to contribute to society,” she said.

Australia Post chairman John Stanhope said Australia Post undertook a thorough global search before choosing Ms Holgate, who starts in mid-to-late October.

“With Post now entering a new stage in our transformation, it’s the perfect time for Christine to take the helm,” Mr Stanhope said.

Australia Post’s Group chief customer officer, Christine Corbett, will lead the business through the CEO transition period between Mr Fahour’s departure on July 28 and Ms Holgate’s arrival in October.

Ms Holgate is a Collingwood Football Club board member, while former boss Mr Fahour is a Carlton member.