Australia Post chief executive Ahmed Fahour has quit his $5.6 million job saying "my job is done" and "it's time to give somebody else a go", denying the decision is tied to intense scrutiny over his generous pay package.
Post announced a bumper half-year profit of $131 million on Thursday morning on the back of solid growth in parcels, despite another 11 per cent fall in letter volumes.
Mr Fahour has been heavily scrutinised in recent weeks over his salary during his eight years at Post, and on Friday resigned as chairman of Victoria's $60 million LaunchVic startup fund.
He has also been under pressure over allegations of sanctioned union rorting revealed in The Australian Financial Review.
"This has been a very difficult and emotional decision for me and my family but I have come to the conclusion the timing is right," he told a press conference on Thursday.
"I know some of you think the recent discussions about my pay have precipitated my decision but that is not true. I've had a pretty fair innings, it's time for somebody else to do so. The conversations more recently [about my pay] I've taken into consideration [but] it's time to give somebody else a go," Mr Fahour said.
"While I'm hanging up the football boots in this match, watch out I'll be back in 2018."
The shock resignation came on the back of Post's half-year results which showed domestic parcel volumes had jumped 5.7 per cent, revenue jumping 8.2 per cent to $3.5 billion and gains from business efficiency programs.
"Today over 70 per cent of our revenue and 100 per cent of our profit is derived from commercial activities in parcels and e-commerce," Mr Fahour said earlier.
Earlier this month, prime minister Malcolm Turnbull took issue with Mr Fahour's package, 10 times bigger than his own prime ministerial salary, after it was revealed by a Senate committee.
"I've spoken to the chairman today. I think that salary, that remuneration is too high," he said.
