Holgate named on Asia business power list

Team Global Express Group CEO Christine Holgate has been named in Forbes Asia’s Power Businesswomen 2023 list.

Holgate, who took the reins of the former Toll subset back in 2021, after Allegro Funds purchased the logistics business for $7.8 million, was selected for her “achievements and track record as an international business leader.”

Two years later, the company formerly called Toll Global Express, delivered a 17 per cent increase in revenue growth for the 2023 financial year although after-tax losses continued to widen.

Net liabilities have been reported at $36.6 million.

Back in February, Team Global signed an 11-year agreement worth $1.8 billion with rail freight operator Aurizon to operate its containerised rail freight along the East-West (Sydney-Melbourne-Adelaide-Perth) and North-South (Brisbane-Sydney-Melbourne) rail freight networks.

Holgate at the time described the deal as game-changing for Team Global Express customers in securing them important extra capacity and more choice in a very limited rail market.

“The weather events of recent years have demonstrated how important both choice and capacity on major routes are, to ensure important freight, including food, can still be delivered at times of great need,” she said.

“These events have also evidenced the importance of leveraging rail as a greener solution for transporting freight, to help address climate change and secure our nation’s carbon ambitions.”

In August, Team Global appointed UBS in a broad-ranging advisory role, fuelling speculation the private equity firm might be courting a buyout from overseas investors.

Born and raised in the UK, Holgate worked a series of marketing management jobs before being appointed CEO of local health supplement company Blackmores.

From 2017 until 2020 she was the high profile CEO of Australia Post before being embroiled in a controversy involving gifts to senior managers.

Forced to resign following a government inquiry, Holgate maintained that no taxpayer money had been used to purchase the watches.

Australia Post, after a court-mediated review, said it regretted the circumstances of her departure and agreed to a $1 million termination payment without admission of liability.

This article originally appeared in Prime Mover magazine.

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