Allegro Funds has announced the appointment of Christine Holgate as the future Group Chief Executive Officer of Global Express.
In a statement, it said that Holgate will reportedly lead the transformation strategy for the growing parcels and logistics organization upon Allegro completing its acquisition from the owner, Japan Post.
“I am honored 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,” Holgate 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 added.
Meanwhile, 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 US$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 added.
Acquisition of Toll Global Express from Japan Post
Last month Allegro Funds announced it would acquire Toll Global Express from Japan Post and commit funding of US$500 million to support the company’s long-term growth.
Toll Global Express employs more than 8,000 people in Australia and New Zealand and generates over A$3 billion in revenue.
In the weeks until completion, Allegro will focus on satisfying the remaining sale conditions. After completion, Toll Global Express will cease being a division of Toll Holdings.