9News: Christine Holgate announced as new Australia Post CEO

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

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