The man credited with saving Australia's government-owned postal service announced his resignation Thursday after a slap down from politicians over his Aus$5.6 million (US$4.3 million) pay packet. Ahmed Fahour said he was stepping down as chief executive on the same day Australia Post reported a huge leap in half-year net profit to $131 million from just $16 million for the same period a year earlier.
Politicians on all sides queued up to complain after a Senate committee revealed his wages earlier this month. Prime Minister Malcolm Turnbull joined the clamour, publicly calling on Fahour - who is paid 10 times more than the Australian leader, according to local media - to take a pay cut "in an economy where a lot of people are doing it hard".
Australia Post had recently been facing a $6.7 billion public bailout, said Fahour, who took the helm of the postal service seven years ago. "The thing that is most clear in my mind is not the compensation, the thing that is most clear in my mind is to save this company," he said. "Australia Post is not just a letters and stamp business. It is today a parcels, e-commerce delivery giant." Fahour will officially step down in July.
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