Former postie Christine Holgate doesn’t mind taking a pay cut to lead Australia Post.
Controversy over her predecessor Ahmed Fahour’s pay packet, which at $5.6 million was about 10 times larger than the prime minister’s, overshadowed much of the outgoing chief executive’s success in transforming the once-struggling business.
Ms Holgate will leave her role as CEO of vitamins and supplements giant Blackmores in September and in October take the reins at Australia Post, where she will receive an annual salary of $1.375 million – with the potential to pocket the same again in incentive payments.
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“Pay has never been the driver for me wanting to do a job,” she told reporters in Sydney on Tuesday.
“There wasn’t one point in my conversation with the board that I asked them for a salary.”
Ms Holgate said her salary was large but fair, taking into account the pay packets of bosses at comparable organisations.
“It is a large wage but I guess if you compare it to average CEOs running similar-sized companies, it might look like good value,” she said.
Ms Holgate was paid $1.95 million last year at Blackmores, largely due to a near doubling of her short-term incentives and profit share to $1.04 million.