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Australia Post CEO and managing director Christine Holgate has stepped down from the role today after spending weeks battling a controversy over executive bonuses.
Australia Post announced her resignation was effective immediately.
Holgate stepped up to the role in June 2017 after nine years as CEO of Blackmores.
However, a decision to reward four executives with Cartier watches in 2018 for landing a $220 million contract for the government-owned enterprise came back to haunt Holgate.
After the deal become public in a senate estimates hearing recently political pressure, including from Prime Minister Scott Morrison, mounted on Holgate to step aside.
In a statement Holgate said the current issue I am managing was a significant distraction and she did not believe it was good for either Australia Post or her own personal wellbeing.
"Consequently, I have made the difficult decision to resign, hoping it will allow the organisation to fully focus on serving our customers," she said.
Australia Post chair Lucio Di Bartolomeo acknowledged the significant contributions she made during her tenure, while also referencing a governmental investigation into the Cartier watch affair.
"Ms Holgate has indicated her willingness to participate in the recently announced Shareholder Departments investigation into aspects of Australia Post expenditure," he said.
"The Board and management are providing full cooperation and assistance to this Review. "
Finance Minister Simon Birmingham and Communications Minister Paul Fletcher, whose departments have shareholder responsibility for Australia Post, issued a joint statement thanking Ms Holgate for her service over the past three years.
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