Vitamin and wellness firm Blackmores is likely to promote a current employee to lead the firm, after its long-time chief executive Christine Holgate was appointed as Australia Post's next boss.
In an exclusive joint interview with Ms Holgate on ABC TV's The Business, Blackmore's chairman Marcus Blackmore said the company's board met by phone yesterday to start its search for a new CEO.
"I said to them, look, don't start meddling around trying to find a clone of Christine because there is no other Christine, you won't find her," he said.
Mr Blackmore said the search for Ms Holgate's successor would start close to home.
"We need to sit down and decide what sort of attributes we want in a CEO to grow this business," he explained.
"Then we would look first at the internal candidates - it's always my preference to promote from within, that makes life a hell of a lot easier for people in the organisation.
"We've got some good internal candidates, no question about that, if that process doesn't deliver then we will go outside."
Ms Holgate agreed that there was a good prospect of finding someone already within the business who could continue Blackmore's expansion push into Asia.
"That executive team, a lot of them have been in place for eight years in leadership roles so they're highly experienced, so we're confident," she said.
Mr Blackmore credited Ms Holgate and executive Peter Osbourne in particular for the successful expansion to Australia's north.
Asia remains an 'incredible' opportunity
Blackmores shares dropped more than 4 per cent during yesterday's session after news of Ms Holgate's departure, given that she was the CEO who had overseen the company's rapid expansion for the past nine years.
The company's shares have not recovered that lost ground today, up just 0.2 per cent to $90 by 11:10am (AEST) - well off highs above $220 in January 2016.
However, Ms Holgate said she remained very confident in Blackmores' future, adding that the company still had "incredible" growth opportunities in Asia, particularly in newer areas of expansion such as Indonesia and Vietnam.
"I still believe that China is a big opportunity," she said.
"Indonesia is going to be the fourth biggest economy in the world, it's got one of the biggest growing middle classes."
'Never motivated by salary'
After the controversy over outgoing Australia Post boss Ahmed Fahour's $5.6 million pay packet, Marcus Blackmore thinks the taxpayer is getting a good deal this time around.
"I think Australia Post are getting her too cheaply," he said.
While Ms Holgate's loss has been seen as a blow to the company, reflected in the decline in its share price, Mr Blackmore said he was not tempted to throw more money at her to fight off Australia Post's offer.
"I've never offered her more money, I know it's not about money," he said.
"I'm terribly proud of the job that she's got, I'm terribly disappointed that she's leaving here, but that's life."
Ms Holgate's decision clearly was not motivated by short-term remuneration, taking a pay cut to go to Australia Post, where she will initially be paid around half as much as her predecessor there Ahmed Fahour.
This has sparked suspicion that Ms Holgate's gender is a factor behind her lower pay packet, but she is not concerned.
"I'm taking the job because I believe in it and I believe in the importance of it in Australian society," she said.
"Lot's of people have said to me today, 'it's half of the predecessor's salary', it's also 50 times what the postie earns."
"I'm very comfortable with the salary, I don't have an issue with it, I've never been motivated by salary."
