With the transaction for Toll Global Express nearing completion, Allegro Funds has announced former Australia Post boss Christine Holgate as the future Chief Executive Officer of the parcel delivery company.
Holgate will lead the transformation strategy for Global Express upon completion of the acquisition from the Global Express owner Japan Post, following Holgate’s resignation from AusPost in November 2020.
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In a statement, Holgate said that she is honoured to be joining the Global Express team.
“I believe strongly in the potential of the business and have great respect for both the employees of Global Express and Allegro,” she said.
“In recent times Global Express has faced challenges and there is lots of hard work ahead of us. However, the combination of new funding, a focused local leadership team, a strong position in growing markets and the turnaround expertise of Allegro, will ensure the business is successful,” she said.
As the world emerges from COVID, Holgate said it is critical that we build more resilience in our logistics networks across Australia and New Zealand.
“Ecommerce in Australia still trails comparable countries at around 15% of sales,” she revealed.
“The retail sector’s future success will depend greatly on Global Express providing the competitive delivery service necessary to underpin expansion,” she said.
Adrian Loader, a founding partner of Allegro Funds, who will chair the new company, said the strong funding commitment and ability to recruit and retain talent was evidence of Allegro’s long-term commitment to the business.
“With enviable assets, funding of $500 million obtained and now an industry leading CEO announced, Global Express is putting in place all the ingredients required for long-term success,” Loader said.
“We are pleased to have built a close and collaborative relationship with Toll Group as we work towards completing the transaction. After completion, we will work hard to build an equally productive relationship with our suppliers, landlords and other business partners,” he said.
Last month, Allegro Funds announced it would acquire Toll Global Express from Japan Post and commit funding of $500 million to support the company’s long-term growth.
After completion, Toll Global Express will cease being a division of Toll Holdings.
Source: Allegro Funds