In a large room in Australia Post's newish headquarters in Melbourne, outgoing chief executive Ahmed Fahour held a bizarre and sometimes rambling press conference on Thursday afternoon.
Ostensibly called to talk about the company's half-year results, news broke that Mr Fahour was resigning while journalists were en route.
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Mr Fahour came under fire recently after it was revealed that he earned $5.6 million last year. (Video courtesy: ABC News 24)
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Australia Post CEO Ahmed Fahour quits
Mr Fahour came under fire recently after it was revealed that he earned $5.6 million last year. (Video courtesy: ABC News 24)
For 15 minutes Mr Fahour provided an earnest and animated presentation of the numbers, which include a $197 million pre-tax profit thanks to a 16 per cent increase in parcel profits. The letters business is now breaking even, despite declining volumes.
Then the press conference became a speech about Mr Fahour's legacy, delivered by Mr Fahour.
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While it is true Australia Post has turned into a profitable parcels business and started to break even on letters, according to its results, his defensive and aggressive demeanour was a little strange.
He said his departure has nothing to do with outrage over his salary, but rather because he has finished the job he set out to do.
"I have achieved everything I need to achieve."
"I can put my hand on my heart and say to you, that this is a terrific organisation with a terrific set of people that work here day in and day out and it is through their efforts that we have achieved the unthinkable."
While cutting costs and saving jobs, Australia Post has also given $4 billion back to taxpayers (as long as you count company tax) to support schools, education and police. It had also saved the country from a $6.7 billion bailout, he said.
Mr Fahour repeatedly referred to Australia Post as a global parcels and e-commerce delivery giant competing against multibillion-dollar logistics firms.
He criticised the media for failing to recognise how successful Australia Post's parcel's business is today.
"We, humble old Australia Post, is now the parcels e-commerce company of Australia. And the taxpayer now has a business that is worth more than $5 billion competing commercially out there in the marketplace."
Watch out, because I will be back in 2018!
Ahmed Fahour
This top-down view of the company explains why Mr Fahour was never able to understand the outrage about his salary. He compares himself to the chief executives of Japan Post and DHL and other billion-dollar international companies.
He should not be compared to the chief of just a letters business like the US Postal Service, which by the way loses $20 billion a year, he pointed out.
It was plain to see that Mr Fahour does not care about rising complaints about slow delivery and lost letters. He doesn't see Australia Post as responsible for providing any kind of social function for the country.
Birthday invitations, condolence letters, Christmas cards and other letters make up just 3 per cent of Australia Post's mail volumes. And it doesn't make any money.
He pointed to numbers showing delivery performance is now running at 98.5 per cent when the company is required to deliver only 94 per cent of letters on time.
Towards the end, Mr Fahour even downplayed the importance of money.
"I don't really care that much about my own livelihood. Because, you see, three years ago I foregoed [sic] my incentives. Two years ago, when we lost money, I took no bonuses at all."
"The thing that was most clear in my mind is not the compensation. The thing that is most clear in my mind is to save this company".
When asked about his wealth, Mr Fahour tried to deflect with humour.
Will it be a relief not to have to drive his Maserati over the speed bumps at Australia Post's car park? Well, he has heard about that rumour, but it couldn't be him because he does not own a Maserati.
"But secondly, If I did [own a Maserati], I definitely would object to that speed bump".
When asked what he thought of chairman John Stanhope describing Mr Fahour's salary as an inherited problem, he said:
"The chairman was referring to the fact that he couldn't convert me to a Geelong supporter. And so he just had to cop it that I am a tragic Carlton supporter and there is nothing he can do about it".
But under repeated questioning about whether his salary was too high, Mr Fahour eventually took the theoretical route out, saying wages are just like any other investment.
"At the end of the day, the issue around pay is not one around absolutes. The issue around pay is about: what do you pay, and what do you get?"
"All corporates around the world, all CEOs around the world, there is always this question of relativity and so forth," he said.
"You make your own judgment on whether the return on investment was good enough or not."
Mr Fahour will leave in July, which means he receives a full year's salary. However, this year the annual report will provide full details of executive remuneration, Mr Stanhope promised.
And both men are still due to appear at Senate estimates on Tuesday.
"I don't know how relevant I am any more," Mr Fahour said when asked if he will still appear at estimates.
"I am yesterday's man now. I always love seeing the senators and I am sure it will be good fun, but I am not sure what we are going to talk about now. I am not going to really be around into the future."
Mr Fahour said he was looking forward to reacquainting himself with his family later this year, then hinted he will soon return to corporate life.
"While I am hanging up the footy boots in this match, the footy boots are not staying off for long. Watch out, because I will be back in 2018!"
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