Yahoo Finance Harder than fish and chips: Australia Post boss takes swipe at Hanson over pay debate
UPDATE: Australia Post's outgoing CEO has defended his controversial pay packet and taken a swipe at Pauline Hanson while he was at it.
Australia Post chief Ahmed Fahour resigned today, weeks after his $5.6 million pay packet hit the headlines, and a day after the corporation posted profit results.
He told a press conference on Thursday that running Australia Post was harder "than running a fish and chip shop", in a thinly veiled swipe at the One Nation leader.
Senator Hanson had been a vocal critique of Mr Fahour's remuneration after his salary was revealed last month,
Following media reports on Thursday morning that Mr Fahour had quit, Australia Post confirmed he had advised the board of his departure on Wednesday. He had held the job for seven years.
“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,” he said.
Everyone from the Prime Minister to fringe players like Pauline Hanson criticised Mr Fahour’s $5.6 million pay cheque after it was revealed last month.
But the outgoing post chief says his decision to step away is not politically motivated.
The Herald Sun said Mr Fahour’s decision to quit would save Australia Post a $1.9m payout he would have been owed if the board removed him.
He will remain in the job until July.
Mr Fahour’s decision to quit comes on the same day Australia Post announced strong first-half profit results despite an 11 per cent fall in the number of letters.
The company, which is transforming itself from a traditional postal service to a parcel and e-commerce firm, hiked net profit to $131 million in the six months to December 31, from just $16 million in the prior corresponding period.
Mr Fahour said the result came on the back of domestic parcel volumes jumping 5.7 per cent, revenue jumping 8.2 per cent to $3.5 billion and gains from business efficiency programs.
"Today over 70 per cent of our revenue and 100 per cent of our profit is derived from commercial activities in parcels and e-commerce," he said in a statement.
"This is one of the strongest first half results in recent history and it demonstrates that we are on the right path to ensuring the future of Australia Post for our people, the community and our important stakeholders."
Australia Post's pre-tax profit also jumped from just $1 million to $197 million in the six months to December 31.
Mr Fahour said modelling shows that if the company had not changed, particularly the letters business where volumes have fallen 11 per cent, it would have accumulated losses of $2 billion and needed a bailout.
