Ahmed Fahour severed his final ties with Australia Post just in time for Christmas with his resignation from the board of Dubai-based logistics provider, Aramex.
Australia Post spent more than $200 million acquiring a 10 per cent stake in Aramex last year, which earned Fahour a board seat.
And he clearly stated his desire to keep the seat after leaving his well-paid post in July.It was decided he would keep the role until some time in 2018 while Holgate found her feet.That changed November 28 when Holgate replaced Fahour.
It came one week after Aramex announced that Bashar Obeid would replace Hussein Hachem, as its chief executive. This came one month after Obeid announced his plans to exercise his early retirement option and leave Aramex. There is no suggestion this had anything to do with Holgate deciding she would replace Fahour on the board sooner rather than later.
His resignation from Aramex also removes Fahour’s final source of income derived from Australia Post.
While he was a Post employee, the Aramex board fees were paid to the government-owned enterprise.
But Fahour pocketed the board fees himself after stepping down from Australia Post in July. Aramex’s annual report does not detail the fees received by each director.
Whatever the sum, it would act as a nice top up of the $10.8 million Fahour took home last year from Australia Post – which consisted of $8.7 million worth of bonus payments, and a $2 million salary. It ranked Fahour among the highest paid chief executives in the country.
With Holgate now on the Aramex board, the director’s fees are being paid to Australia Post once more.
And Holgate will have to make do with her salary of $1.375 million a year, with the potential to earn 100 per cent of that as a bonus, meaning her total remuneration will be no more than $2.75 million.
Holgate also sacrificed $2.63 million in forfeited share rights when she resigned this year from vitamin maker, Blackmores.
Blackmores’ annual report said 12,127 share rights for the 2016 financial year and another 15,051 granted last year “were forfeited due to Christine Holgate’s resignation prior to completion of this service period”.
Fahour has a new full time role as executive chairman at Pro Pac, the packaging group which is half-owned by his billionaire buddy Raphael Geminder, the brother-in-law of another Australian packaging billionaire, Anthony Pratt.
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