The Australian post CEO Ahmed Fahaur has quit his $5.6 million-a-year job after handing in his resignation to the board on Wednesday.
According to Heral Sun, this decision comes after the government owned business gained a bumper first half profit of $131 million off strong growth in parcel volumes, despite a further 11 per cent decline in letters.
“By any measure, Ahmed has done an astounding job in transforming the business,” Australia Post chairman John Stanhope said in a statement.
“When he started, he was set the challenge to ‘write the next chapter in the history of Australia Post’ — and he certainly rose to that challenge.
“Now, with the business entering the next phase of its transformation, Ahmed’s decision to resign provides opportunity for a new leader to continue the development of Australia Post into a leading international eCommerce player.”
Earlier this month, Australia post had come under intense criticism for trying to hide Mr Fahour’s salary information. Later, it was revealed that he was earning $5.6 million a year.
Mr Fahour has served as CEO for seven years at Australia post, which means that to date, he has earned $23 million in his job, and will be eligible for a whopping $4.3 million retirement payout when he turns 60.
When Mr Fahour’s salary details were released, Prime Minister Malcolm Turnbull has said that Mr Fahour’s remuneration package was “too high” and he had spoken to Australia Post board chair. Mr Fahour’s salary at $5.6 million for the past 12 months was 10 times more than the Prime Minister. One Nation leader Pauline Hanson had also weighed in saying she was “absolutely disgusted” by the size of the postal chief’s pay packet
Source: David Smith
Mr Fahour, however denied that he has resigned due to political pressure and also saod that he has not spoken to Mr Turnbull about the move.
“The main reason why I am hanging up the footy boots at Australia Post is I’ve done seven years in this job — the average CEO in this country is lasting around three years,” Mr Fahour said. “Seven years is a long time ... particularly as it is a 24-7 job.”
By resigning from the job, Mr Fahour has forfeited a lucrative termination payment of $1.9 million which he would have received had the board removed him. He will still receive his wage of about $4.6 million with the board to decide on an additional bonus which can be up to a million dollars. Mr Fahour says he has not decided whether he is going to seek another executive role or a board position.
Source: AAP
“I’m going to spend the second half of this year thinking about how I can use my skills and background, (but) I’m open to the universe and whatever it brings to me,” he said.
He did not rule out working outside of business in the charity sector.
“I am 50 years old and I have still a bit to contribute to society ... (this is) not only in the business community, it is in the broader society, I would like to think.”
Mr Fahour will stay on in the post until July as Post Chairman John Stanhope seeks a successor, who is expected to be announced in the coming months.
