Australia Post CEO Ahmed Fahour takes home close to $4.8m in annual pay
A return to profit at AusPost has more than doubled CEO Ahmed Fahour’s pay packet to almost $4.8m as bonuses kick in.
A return to profit at Australia Post has seen the return of chief executive Ahmed Fahour’s bonuses and led to his pay for last year increasing to almost $4.8 million.
This works out at double the $2.4m paid last year to Royal Mail boss Moya Greene and places Fahour at the top of the Federal Government pay list.
The Australia Post annual report tabled in Federal Parliament today doesn’t break down Fahour’s salary but instead includes it as part of a break out on senior executive salary.
The top eight executives at the company earned $18.7m last year compared to $13.8m the prior year, which includes $12.7m in basic wages plus bonuses.
In the 2015 year, Fahour and his senior managers didn’t collect bonuses, which in Fahour’s case meant he had to settle for an annual stipend of just over $2m.
Australia Post last year reported a pre-tax profit of $69.4m after the $314.4m profit in its parcels division offsetting the $138.2m loss in its basic letters operations.
This compared to the 2015 year, when the company reported a pre-tax loss of $326.1m after a $409.1m writedown.
Letters losses in 2015 totalled $207.5m and the parcels profit came in at $290.5m, which means that parcel profits grew by eight per cent over the year.
The sharply reduced letters losses follow last year’s move to restructure the division with two-tiered delivery times and increased stamp charges.
Fahour has also positioned the parcels division for future growth through a Singapore joint venture with Dubai-based Aramex.
Australia Post owns five per cent of Aramex, the fourth biggest logistics firm in the world which has recently seen the departure of its founder Fadi Ghandour with his stake acquired by Emirati business person Mohamed Alabaar and Boston Ventures.
The company also owns 49 per cent of Star Track International.
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