Blackmores has confirmed the departure of chief executive Christine Holgate to Australia Post, and has drafted in former head Marcus Blackmore to temporarily fill the gap.
The vitamin and supplements producer said Ms Holgate, who led the company to a huge surge in growth during her nine years in charge, would depart on September 29.
Mr Blackmore, who has been on sabbatical from his role as chairman, will return to become interim chief executive.
"Christine's legacy is a program of transformation which has enabled our group to adapt to some significant market changes in recent years," Mr Blackmore said.
"She has strengthened our strategy and management team, so we are exceptionally well positioned for the future."
The news hit Blackmores shares, which dropped 4 per cent in the first 15 minutes of trade.
In a statement later today, Australia Post chairman John Stanhope said Ms Holgate would officially start in the position in October.
"Christine has a demonstrated track record of delivering results in large, complex organisations, both here in Australia and internationally,” he said.
"The board was impressed by her experience of working very successfully in a range of different industries that are highly regulated. And, on top of that, she has a proven ability to implement strategy – and successfully grow a business in Asia.
"Her knowledge of global e-commerce will be invaluable as we pursue our Asian Strategy, which is all about offering logistics support to Australian businesses that are either selling in Asia, or sourcing their products there.”
Ms Holgate will replace outgoing CEO Ahmed Fahour, who congratulated her on her appointment.
“Christine's skill set and international experience make her an ideal fit given Australia Post's shift to e-commerce and our ongoing commitment to serving the community,” Mr Fahour said.
“We also share similar views about the importance of supporting your workforce and equipping your people to succeed.
“As we have transformed Australia Post into a pre-eminent e-commerce company, we have invested heavily in our people and the culture of our organisation.
“I know Christine will maintain that approach.”
Ms Holgate led natural healthcare company Blackmores through a period of huge growth and expansion into China that helped to briefly lift its shares on the ASX above $220 at the start of 2016.
Blackmore shares have fallen back over the past 18 months as its supercharged growth finally has slowed, but the company still reported a $100 million full-year profit in 2015-16.
"We've continued our expansion into Asia and diversified our earnings through growth of our core segments and key acquisitions," Mr Blackmore said.
"Importantly, (Ms Holgate) has been a champion for the values that have steered this company for the last 85 years."
Stephen Chapman, who has filled in for Mr Blackmore as chairman, will now stay on in the role after the appointment of Ms Holgate's permanent replacement.
"It is with regret that we announce Christine's departure from Blackmores," he said.
"(But) we have a clear strategy in place and a strong executive team, including potential CEO candidates."
Blackmores shares were down $3.95, or 4.2 per cent, at $90.00 at 10am.
By AAP and Business News
