Marcus Blackmore unleashes on Australia Post’s Christine Holgate detractors
Marcus Blackmore, the business mentor of besieged Australia Post boss Christine Holgate, comes out swinging.
The long-term business mentor of besieged Australia Post boss Christine Holgate has come out swinging, demanding politicians and some commentators apologise over the treatment of his protege.
Marcus Blackmore, who is behind the Blackmores healthcare empire, launched an impassioned defence of Ms Holgate on Wednesday, although he concedes she may have done the wrong thing in organising $19,000 worth Cartier watches for senior Australia Post executives.
“You wouldn’t do this (treatment) to your dog … she might have been out of line but don’t crucify her, for God’s sake,” Mr Blackmore said.
“I saw what it did to her, she was crying for days, she was devastated. It was awful.”
Mr Blackmore, whose 23 per cent stake in Blackmores is worth more than $320m, has known Ms Holgate for 15 years. Ms Holgate, before taking on the Australian Post top job in 2017, was chief executive of Blackmores for almost a decade. During her time as CEO of the ASX-listed healthcare company, she pushed into new markets and harnessed the China consumer boom. This resulted in a stellar rise in Blackmores’ share price past $200 in late 2015.
Shares in the company have pulled back in recent years, particularly as China trade tensions intensified. On Wednesday, Blackmores shares shot up 13.7 per cent to $72.48 as brokerage Credit Suisse upgraded the stock in the wake of the company’s annual meeting this week.
Mr Blackmore said there had been a leadership gap at the company since Ms Holgate left.
Ms Holgate has been temporarily stood down from Australia Post and earlier this week joined Mr Blackmore at his newly built luxury home in Bayview on Sydney’s northern beaches for his retirement party.
“Quite honestly I think the whole thing was bloody disgusting, the way she was treated,” Mr Blackmore told The Australian.
“It was four watches, for God’s sake. Women like Cartier watches. She likes watches, she wanted to give people something memorable.”
He said Ms Holgate, who was CEO and managing director of Blackmores from 2008 to 2017, liked luxuries, but worked hard for them.
“Can she be a bit showy? Maybe … Some women are showy, I think it’s lovely if you can afford it. Most people can’t afford it, that’s why it (the Cartier watches) is a meaningful gift.”
He said Ms Holgate’s husband had given her a Bulgari watch and the media had a “go at her” about it, too. “What woman in Australia wouldn’t like their husband to give her a Bulgari?” Mr Blackmore said.
Mr Blackmore announced last Friday that he has left the vitamin manufacturer, adding that he had chosen not to take a non-executive position on the board because the remuneration was dismal and the responsibility too much. It was a decision that has ended his 57-year tenure with the company.
“I could not imagine anything worse than being a non-executive director of a public company. You get paid a pittance,” he said.
“Blackmores business has been dismal since Christine left. There’s been a leadership gap for 2½ years.”
Asked if Ms Holgate had been buying watches at Blackmores, Mr Blackmore said: “No. She was not buying watches at Blackmores, she would give people extended holidays.
“I am annoyed about it, I don’t want to see women treated like this. This has been blown up out of all proportion.
“I think our elected representatives and the media have treated Christine unfairly. She is devastated.
“She deserves an apology.”
Mr Blackmore said he believed Ms Holgate would be lucky to survive on her Australia Post position given Scott Morrison’s comments about her purchase of the four Cartier watches.
“I am not so concerned about her job, I am concerned about her reputation,” he said. “I said to her, don’t worry about the job.”
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