The next CEO of Australia Post will likely be on a salary 80 per cent less than outgoing boss Ahmed Fahour’s $5.6m package – which equated to $22,000 every single working day.

Minutes after Fahour sensationally resigned during the half year results press conference the federal government sacked AusPost’s remuneration committee and said his successor’s pay would be determined by its own committee, the independent Remuneration Tribunal, and said the pay would be in line with leaders of similar government operations.

This is certain to mean that the new CEO will be on a more reasonable salary than the torrent of dollars pouring into Fahour’s bank account. Comparable positions include Glenn Stevens, head of the RBA who is on $1m, and Michelle Guthrie, head of the ABC, who pockets around $900,000.

These salaries are 20 per cent and a world away from the $4.4m annual salary plus $1.2m bonus that Fahour was treasuring, ten times more than the prime minister Malcolm Turnbull – who called the salary ‘very high’ – and ten times more than the head of the US Postal Service, which many may recognise as a slightly larger and more complex operation.

Fahour left less than a fortnight after he was forced to reveal his salary by a Senate committee, with the figure causing outrage across the country.  He forwent a $1.9m leaving package by resigning, but will pocket a handy $8.4m in super.

He denied he was leaving as a result of the furore, saying it was simply time to go, however reputable media outlets are reporting that sources close to the action have told them that the government told him he had to take a substantial pay cut, he refused and walked.

Printers and mailing houses spent the weekend celebrating Fahour’s departure – he actually leaves in July – with PIAA CEO Andrew Macaulay calling it ‘fantastic news.’

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