Let's hope that 73-year-old Marcus Blackmore has been taking his vitamin pills and making the most of his sabbatical as he prepares to take over as interim CEO at Blackmores while a suitable replacement is found for Christine Holgate who takes on a BIG new challenge at Australia Post.
At the peak of the Blackmore's share bubble, Holgate had added something like $800 million to Marcus' net worth. The vitamin king is unlikely to find a recruit like her again.
More BusinessDay Videos
Australia Post appoints Christine Holgate as CEO
New Australia Post boss Christine Holgate sees opportunity to both "defend the postman" and build the future of the country.
While chairman Stephen Chapman mentioned the company has a strong executive team, "including potential CEO candidates", the stop-gap measure of putting Blackmore into the top job probably helped stem the market shock at Holgate's departure.
"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," said Holgate in the Blackmores release.
![The new CEO of Australia Post, Christine Holgate.](http://web.archive.org./web/20170718222149im_/https://www.fairfaxstatic.com.au/content/dam/images/g/w/z/j/b/s/image.related.articleLeadwide.620x349.gwz24g.png/1499311440944.jpg)
There is no doubting her commitment to Australia Post goes beyond money.
Her base remuneration of $1.375 million at Australia Post is much higher than her current base, but even with a potential $1.375 million bonus, it will not match the $2.84 million remuneration from Blackmores last year.
And let's not forget her Blackmores shares which are currently worth another $4.3 million.
The only benefit of her move to Australia Post is the amount of time she will spend in Melbourne which – as she has already told her new staff – means more time with her beloved AFL team, Collingwood.
![Illustration: John Shakespeare](http://web.archive.org./web/20170718222149im_/https://www.fairfaxstatic.com.au/content/dam/images/g/t/h/i/a/y/image.related.articleLeadNarrow.300x0.gwz24g.png/1498583236103.jpg)
Interestingly, CBD is told there were no internal candidates who put up their hands to take Fahour's job. What do they know that Holgate does not?
Congrats to Christine Holgate on becoming Post’s next MD & CEO – great fit for our people, customers and business https://t.co/tMmioBGxuJ
— Ahmed Fahour (@afahour) June 27, 2017
According to Marcus Blackmore, Australia Post's senior ranks can expect things to be lively when she comes aboard in September.
"She sets a fairly cracking pace around the joint, which doesn't worry me, but I think is challenging for the people who work with her," Blackmore once said of Holgate.
Speaking of prize recruits, who hasn't heard the rumour about Fahour joining Amazon. It makes sense from one point of view: what other company could afford him?
Uppers and Downers
Christine Holgate was not the only member of her household with reason to celebrate on Tuesday. Her hubby, Downer EDI chairman Michael Harding, would have been breathing a sigh of relief as its bid for Spotless finally got over the 50 per cent mark.
He will no longer have to worry about what to do with that $1 billion that Downer raised from its investors, and can start preparing to spar with his counterpart at the embattled target, Garry Hounsell, over how many board seats Downer will get.
"The board continues to believe that the Downer offer does not represent adequate value, but will engage with Downer in the best interests of the company and all shareholders," said Hounsell on Tuesday in what will probably be his final rear guard action.
Heavy Crown
Crown Resorts employees in China might be home for Christmas, but it does not mean James Packer and his merry men can rest easy.
The Victorian Commission for Gambling and Liquor Regulation (VCGLR) is gearing up for its review of Crown's Victorian casino licence.
And its NSW counterpart told Bloomberg it is "closely monitoring the latest developments" following the convictions in China.
Breaking Bad Pty Ltd
Corporate-minded criminal syndicates, and outlaw motorcycle gangs, will have to keep their noses clean from now own or face a ban from the corporate cops.
ASIC announced on Tuesday that it has teamed up with the Queensland police "to identify and remove criminal syndicate and outlaw motorcycle gang (OMCG) members from managing corporations or having a registered business name."
Current company directors, and entities with registered business names, will fall foul of this crackdown if they are convicted of a criminal offence "involving dishonesty".
Which must mean no more ripping off clients on drug deals, huh.
"ASIC is committed to protecting consumers, investors and the public from those who present the greatest risk," said ASIC Commissioner John Price.
We thought that kind of language only applied to our big banks.
Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au
0 comments
New User? Sign up