Blackmores chooses CEO

The appointment followed the decision by director Marcus Blackmore to stand aside as CEO and the resignation last month of chief operating officer Jennifer Tait. Mr Blackmore intends to stay on in a lesser executive role.

Ms Holgate's appointment comes at a difficult time for the health products sector, with discounting from retailers squeezing margins, talk of consolidation and French health-care giant sanofi-aventis entering the Australian market after snapping up brands including Cenovis and Nature's Own.

As well as having worked at Telstra, Ms Holgate has worked in senior management and board-level positions at Energis, JPMorgan and Cable and Wireless in Europe, Asia, the Americas and Australia.

Ms Holgate will be paid a fixed remuneration of $600,000, plus a range of incentives that will allow her to increase her salary by as much as 165%. provided performance hurdles are met.

Blackmores shares fell 10 to $17.40.

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