Australia Post former CEO Ahmed Fahour earned almost $11m in his last year on the job

CONTROVERSIAL former Australia Post chief Ahmed Fahour walked away from his last year in the top job with a massive pay cheque of almost $11 million.

9.10AM: CONTROVERSIAL former Australia Post chief Ahmed Fahour received almost $11 million in pay and perks in his last year in the top job.

Mr Fahour quit in March after seven years as chief amid a firestorm over the previous year’s $5.6 million pay packet.

At the time he was even blasted by Prime Minister Malcolm Turnbull, who vowed a crack down on pay deals at the top of Australia Post.

That was before this year’s pay packet was known, and Australia Post’s full year report out today shows Mr Fahour was paid $2.04 million in base salary and fees, $2.9 million in short term bonuses and $1.75 million in superannuation.

Most controversially, Post also paid out $4 million in long-term bonuses, earned by hitting business targets in 2015 and 2016, taking his final year payout to $10.69 million.

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Ahmed Fahour bought a Maserati with ‘AMAZZN’ number plates.

Mr Fahour missed out on one year’s worth of long-term bonuses for 2017, because he failed to meet a target to land a major contract with the government or a large corporate by June.

This year’s $10.8 million pay packet eclipses most of the big four bankers including Westpac’s Brian Hartzer ($6.75 million), NAB’s Andrew Thorburn ($6.7 million) and ANZ’s Shayne Elliott ($5 million).

Mr Fahour’s payout was just less than Commonwealth Bank chief Ian Narev’s earnings, who last year made $12.3 million.

Australia Post chair John Stanhope says his hands were tied by Mr Fahour’s contract, signed by the former board.

Mr Stanhope became Post chair at the end of 2012.

“It’s quite often said boards have discretion, but I have to tell you it’s not an unfettered discretion, you have to honour contracts and if an employee meets hurdles — its pretty hard to say ‘sorry you are not getting it’,” Mr Stanhope told the Herald Sun.

Mr Fahour goes sailing at Sorrento.

Leroy Lazaro, state secretary of the communication workers union, said members were outraged.

“It is obscene that Ahmed Fahour is walking away with nearly $11 million as a payoff for slashing the postal services of all Australians.”

“Our members who will be receiving a less than CPI pay rise are absolutely outraged.”

The Post remuneration report also reveals that new Post chief Christine Holgate — the former Blackmores chief who starts in October — can in comparison make a maximum $2.75 million.

Mr Stanhope said it reflected that the board was reforming payouts and had cut all long-term bonuses for executives.

“We have to recognise that there are changing community expectations and I think what is important to recognise is you can’t do that retrospectively,” he said.

“You can’t change a contract in retrospect, but the important thing about that is the new CEO’s remuneration is far less.

“We have listened and we are resetting ... you still have to be able to attract talent and keep talent to get the job done.

Mr Fahour walked away with almost $11m in pay and perks. Picture: Stuart McEvoy

Mr Fahour at the Melbourne Parcels Facility. His payout eclipsed the CEOs of most of the big four banks.

Attorney-General George Brandis and Mr Fahour at the Islamic Museum in Thornbury.

“The senior executive team will no longer receive a long-term incentive.

“That in essence is close to a 20 per cent remuneration reduction, if that is not listening to community expectations — I don’t know what is. I’d say we have listened.”

The news comes as group profit before tax for the full year to June came in at $126.1 million, although interim chief Christine Corbett warned that despite strong parcel growth the death of the letter could put pressure on next year’s profits.

The overall Postal service recorded a revenue boost of 3.7 per cent to $6.8 billion.

The results are increasingly being sustained by the parcels division — which is hooking into the insatiable Australian love for online shopping — with profits for the division up 4.8 per cent to $299.7 million before tax.

The death of snail mail continued to erode the letters division, with letter volumes dropping 11.8 per cent leading to a $180 million loss for that division.

Ms Corbett said the letters division was doing it tough.

“The letters business still presents a significant challenge, with our largest ever 12 month volume decline experienced this year,” she said.

“We need to continue to ensure this business is sustainable, while managing the declining foot traffic in post offices, and we are speaking with the community on how they may use the letters service in the future.”