Ex Australia Post CEO Ahmed Fahour given $10.8 million golden handshake

Former chief executive of Australia Post Ahmed Fahour was paid $10.8 million after quitting his post earlier this year amid huge uproar about his annual pay deal.

Mr Fahour was paid $6.8 million in the 2017 financial year, according to the the company’s remuneration report released on Friday.

That amount was boosted by an additional $4 million in incentives awarded from 2015 and 2016.

Australia Post has nearly trebled its full-year profit to $95 million in Fahour’s final year as chief executive, boosted by another strong performance by its parcels unit.

Parcels’ pre-tax profit rose 4.8 per cent to $299.7 million in what Australia Post said was a very competitive market, but the number of letters sent in the 12 months to June 30 fell by another 11.8 per cent with that business losing $180.2 million before tax.

Overall net profit rose from $36 million in 2016 and Christine Corbett – who is acting chief executive following Mr Fahour’s departure amid a furore over the size of his pay – said Australia Post’s move to becoming a major player in delivering goods bought online was paying off…

Source: Former Australia Post CEO Ahmed Fahour given $10.8 million golden handshake | SBS News