One of Australia’s most powerful businesswomen has been named to replace Ahmed Fahour as the boss of Australia Post
Ross Greenwood: Christine Holgate, the new Australia Post boss and the first female CEO in its 200 year history, takes on one of the most difficult roles in the country.
Christine Holgate: An organization that’s at the point of transformation.
Ross: The jobs political – so is her pay.
A maximum $2.7 million a year, including bonuses.
Even so, she’s taking a pay cut.
Christine: I think about that Australian postman, you know, it’s still 50 times this hour – it’s a huge salary.
Ross: It’s sensitive because outgoing boss, Ahmed Fahour, earned $5.6 million last year ,incurring the wrath of the Prime Minister.
Malcolm Turnbull: That remuneration is too high.
Ross: So the Australia Post board lost the right to determine its CEO salary.
So you have lost the independence previously…
John Stanhope: We have lost the independence to set remuneration.
Ross: But in this area, letter delivery,that will be the biggest challenge for the incoming chief executive of Australia Post.
Because Australians today are delivering 1 billion fewer letters than we were nine years ago, and this area is expected to lose $1.5 billion over the next five years.
Holgate’s credentials for the job come as the former marketing director of Telstra, but her real success is a CEO of vitamins and skincare company Blackmore’s.
Marcus Blackmore: I’m terribly proud of Christine, and I’m proud of the time that she spent at Blackmores.
Ross: Blackmore’s share price was $11 when Holgate arrived in 2008, it’s now $90, and peaked in late 2015 at $220 – not bad for a girl who started work in her English village post office.
Christine: I sort of fell in love with a postie there but not one particular one
Ross: Ross Greenwood; 9 News