Former Australia Post CEO Christine Holgate and Australia Post have reached a settlement agreement, following a public senate inquiry into Holgate's gifting of four luxury watches to employees.
Australia Post and Holgate participated in a mediation on Friday July 23 2021 before the Hon. Peter Jacobson QC, a former Justice of the Federal Court of Australia.
The parties reached a settlement agreement which will see Australia Post pay $1,000,000 to Holgate, to be taxed as an employment termination payment.
Australia Post also agreed to pay $100,000 of Holgate's legal costs.
To finalise the issue, Holgate has dropped her legal claims against Australia Post and Australia Post is making the payments without any admission of liability.
"Australia Post acknowledges that it has lost an effective CEO following the events on the morning of October 22 2020," the organisation said in a statement.
"Australia Post regrets the difficult circumstances surrounding Holgate's departure from her role as CEO.
"Australia Post recognises and thanks Holgate for her outstanding contribution and strong leadership during her employment as CEO of Australia Post," Australia Post said.
Holgate has also sent her best wishes to the employees, partners and licensees of Australia Post.