Robert Gottliebsen used to be a fairly good journalist. Occasionally he still is. But writing just now about Ahmed Fahour’s resignation from Australia Post, one has to wonder whether Gottleibsen has completely lost the plot:
The resignation of Australia Post CEO Ahmed Fahour is one of the great tragedies of modern Australian business. It reflects badly on the Prime Minister who has clearly forgotten what’s required to dominate an industry in competition against global majors and then to extend that business internationally. That was what Ahmed Fahour was doing at Australia Post.
Really. One of the great tragedies of modern Australian business? Or does he mean one of the great tragedies of modern Australian public service?
And to suggest that the Prime Minister has clearly forgotten “what’s required to dominate an industry in competition against global majors and then to extend that business internationally“. FMD!
The way Australia Post has dominated its industry is through a statutory monopoly and a HUGE subsidy from tax payers – historically through cash, and nowadays by not meeting its cost of capital.
Good grief Gottleibsen.
Let’s see how much Mr Fahour retires on courtesy of the defined benefit superannuation scheme that he kindly closed shortly after joining Australia Post.
Mr Fahour has earned about $23m from Australia Post since taking the top job in 2010, and he stands to collect more millions as a member of a defined benefits pension scheme, which Mr Fahour shut to new entrants in 2012.
Great tragedy. Ha!
Australia Post in competition against global majors. Fair dinkum!