Australia Post CEO Resigns After Pay RowAustralia Post CEO Resigns After Pay Row
The chief executive of Australia Post, Ahmed Fahour, resigned from his role as CEO and MD of Australia Post last week, after a dispute with the Turnbull government about his A$5.6m (€4.1m) remuneration package.
According to media reports, Fahour was told by the government that he could remain in his job if he agreed to cut his package from the current level of A$5.6m – or if he refused, action would be
taken against the Australia Post board.
Fahour tendered his resignation after delivering an A$131 million (€95m) half-year profit for the transformed postal service. He will leave his job in July.
High salary was made public
The surprise announcement follows controversy earlier this month over Fahour's substantial salary package, which was revealed at a parliamentary committee after Australia Post sought to keep it confidential.
Under Fahour, Australia Post invested heavily in its parcels and e-commerce business. During his tenure, it began installing parcel lockers in sites across the country, built its delivery preferences platform MyPost, invested in an international e-commerce alliance with Aramex and acquired the remaining half of e-commerce delivery company, StarTrack, from Qantas.
Search for successor started
The group continued its impressive results in the first half of the 2017 fiscal year. Revenue increased as a result of a 5.7% increase in domestic parcel volumes, despite an 11% fall in letter volumes. Parcels and e-commerce now produce 100% of Australia Post profit.
The chairman of the Australia Post board, John Stanhope, confirmed Fahour's resignation and said Fahour’s legacy as CEO would be felt for many years to come. He added to this that 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 e-commerce player.”
Nol van Fenema