AUSTRALIA Post today (February 23) announced the resignation of managing director and group CEO Ahmed Fahour weeks after the announcement of his $5.6 million salary. 

Fahour tendered his resignation at yesterday’s Board meeting, having served as MD and CEO of Australia Post since February 2010.

John Stanhope, chairman of the Australia Post Board, says  Fahour’s legacy as CEO will be felt for many years to come.

“By any measure, Ahmed has done an astounding job in transforming the business,” Stanhope says.

“When he started, he was set the challenge to ‘write the next chapter in the history of Australia Post’ – and he certainly rose to that challenge.

“Now, with the business entering the next phase of its transformation, Ahmed’s decision to resign provides opportunity for a new leader to continue the development of Australia Post into a leading international eCommerce player.

“Ahmed was appointed at a time when Post was still highly dependent on revenue from the letters service, but the community’s use of letters had already peaked and was in the early stages of decline.

“He led the team that developed an entirely new strategy focused on investing in the parcels and eCommerce business.”

Stanhope said the Board would begin the search for a new CEO immediately. The Board will consider both internal and external candidates – and are expecting to announce Fahour’s successor in the coming months.

Fahour will step down from his role in July.