Christine Holgate to receive huge pay out
Former CEO of Australia Post Christine Holgate will be paid a hefty $1million termination payment from the federal government after being forced to step down from the business last year.
The decision comes after extensive mediation between the two parties before a former Federal Court judge over several weeks.
Australia Post has also agreed to pay Ms Holgate an additional $100,000 to cover any legal costs throughout the proceedings.
Ms Holgate left Australia Post following nation-wide controversy over gifting four of her top executives Cartier watches as bonuses in 2018.
Image credit: Getty Images
A representative form Australia Post commented on the settlement, stating it "acknowledges that it has lost an effective CEO following the events on the morning of 22nd October 2020."
Australia Post added that it "wishes Ms Holgate the best in her future endeavours", as she was appointed head of Global Express, a rival courier company in the profitable parcel segment.
Ms Holgate continues to express her appreciation for the staff, partners and licensees of Australia Post, despite now leading a rival operation.
The statement says, "Ms Holgate wishes the employees, partners and licensees of Australia Post her best wishes as they strive every day to provide a vital and affordable service to all Australians no matter where they reside."
Image credits: Nine News/Shutterstock