- Former Australia Post CEO Fahour earns $2 million base + $9 million in bonuses
- Mr Fahour resigned weeks after details of his remuneration was made public
- Australia Post reportedly made a $126 million profit in the last financial year
- New CEO Christian Holgate will receive a lower base salary of $1.375 million
The former boss of Australia Post has raked in more cash in the last year than the CEOs of Telstra and BHP.
Ahmed Fahour, who resigned in February, pocketed a cool $10.8 million, making him one of the highest paid chief executives in Australia.
Although his base pay is a comparatively paltry $2 million, he received almost $9 million in bonuses, according to the Sydney Morning Herald.
Ahmed Fahour, who resigned as CEO of Australia Post in February, pocketed $10.8 million
Mr Fahour enjoys a base pay of $2 million, but he also received almost $9 million in bonuses
Anticipating outrage from the public, chairman John Stanhope justified the remuneration by revealing that Australia Post made a $126 million profit in the last financial year.
The profit results, which were announced on Friday, revealed that revenue grew by 3.7 per cent.
Pre-tax profit is reportedly $126 million, a substantial leap from last year’s $41 million.
Mr Fahour resigned only weeks after details of his remuneration was made public, and he was heavily criticised by Prime Minister Malcolm Turnbull.
Australia Post had said in a previous statement that the CEO’s salary was determined ‘with reference to other large commercial organisations rather than as a government owned enterprise’.
But after learning that his 2016 base salary was $5.6 million, the outraged government took the CEO salary decisions away from the board and gave it to the Remuneration Tribunal.
Incoming CEO Christian Holgate will receive $1.375 million with no long-term bonus options
The pre-tax profit for Australia post is reportedly $126 million, up from last year’s $41 million
Incoming CEO Christian Holgate will receive a significantly lower base salary of $1.375 million.
She is also ineligible for the long-term bonuses that made up the bulk of Mr Fahour’s remuneration.
As a result, she will take home a maximum of $2.75 million in the coming financial year.