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Former Australia Post boss Christine Holgate, who quit as CEO in the wake of controversy over rewarding senior executives with Cartier watches, has had a win against her former employer after securing a $1.1 million payout.
While that didn't come with an apology, Australia Post acknowledges the incident has cost the group an 'effective' CEO.
Holgate, who told to a parliamentary inquiry last year that she was 'humiliated' by the political storm over the luxury watches affair, has been awarded the payout following mediation proceedings in the Federal Court.
A joint statement issued on behalf of Australia Post and Holgate revealed that the payment comprised a $1 million termination payout and $100,000 to meet Holgate's legal costs.
"To finalise the matter so that both parties can move on, Ms Holgate has released Australia Post from all legal claims and Australia Post is making the payment without any admission of liability," says the statement.
"Australia Post acknowledges that it has lost an effective CEO following the events on the morning of 22 October 2020.
"Australia Post regrets the difficult circumstances surrounding Ms Holgate's departure from her role as CEO. Australia Post recognises and thanks Ms Holgate for her outstanding contribution and strong leadership during her employment as CEO of Australia Post."
Holgate resigned last November after revelations that she had rewarded four senior staff a year earlier with Cartier watches with a total value of $20,000 after securing a lucrative bank deal. Holgate later claimed she was pushed from the job from which she earned a base salary of $1.4 million a year.
The former Australia Post CEO landed on her feet six months later by scoring the top job at Australia Post's lead parcel delivery rival Global Express.
Despite the obvious head-to-head battle ahead for Holgate in her new role to gain market share from Australia Post, the joint statement finished with a flourish of syrupy sentiment between the bitter combatants.
The joint statement reads: "Australia Post wishes Ms Holgate the best in her future endeavours. 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."
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