Ahmed Fahour, the Australia Post chief executive has announced his retirement from his job on Wednesday. The resignation comes after he was criticized by Prime Minister Malcolm Turnbull for his multi-million dollar wage.
Fahour says that the decision has been hard to him and his family. However, the timing is right, he adds. He has been at his position for seven and a half years. Fahour adds that he has achieved everything he needed to achieve.
He argues that his decision to resign was not influenced by the controversy his $5.6 million salary he draws. Instead, he was actually planning to do this at the end of last year. The former Australia Post chief executive also says that he was only planning to serve his position for about five years. He explains that the demands of the position caused him to seek for a break.
Fahour has been credited for transforming the business from a $1.5 billion to $5 billion earning. He also kept the post office network alive and letters business running, the Australian reports.
“By any measure, Ahmed has done an astounding job in transforming the business,” explains Post chair John Stanhope. “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.”
The Australia Post also earned a net profit of $131 million in the six months leading to December 31. This is about $16 million higher than their profit the year before. “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,” Fahour asserts in a statement.
Overall, Fahour has earned $23m from Australia Post since 2010. This includes his $5.6m last year. Turnbull said that the salary was too high. Due to this, the government has urged transparency among Australia Post’s executive pay.
“Ahmed Fahour’s resignation gives Australia Post the opportunity to reset its executive remuneration policies and adopt a new approach to transparency,” says Liberal Senator James Paterson. “They should do so bearing in mind that Australia Post is owned by taxpayers, who expect it to be well run and don’t mind the executive team being generously remunerated, but not beyond community expectations. They are also entitled to the absolute best standards of transparency, not the bare minimum required by law.”