Ahmed Fahour outgoing MD and CEO of Australia Post and Chairman John Stanhope appeared before Senate estimates at Parliament House in Canberra on Monday 27 February 2017. Photo: Andrew Meares Our chief postie, Ahmed Fahour, will be a no-show at Wednesday afternoon’s Senate estimates committee hearing – which is a pity considering the ratings generated by his previous appearance.
But is he sending a signal as to who he wants to succeed him in July by appointing Australia Post’s chief customer officer, Christine Corbett, to face the political bear pit in his place?
Apparently not, Aussie Post says she is a regular at these gigs and therefore the safest pair of hands to defuse any bombs from the committee.
She will be quizzed by the committee just hours after it has grilled Australia Post’s rather incurious shareholder: the Department of Communication and the Arts.
The department’s boss, Mitch Fifield, will front Senate estimates in the morning to explain the lack of attention it has paid to the mahogany row pay packets on offer at the postal service.
Last week the department answered some questions on notice revealing just how incurious it had been about just how much Fahour had been paid.
It was asked if Malcolm Turnbull knew how much Fahour was paid.
The department noted that Fahour’s pay packet was not detailed in the 2015 annual report and said, “The department is not aware that the then-minister had any further information in relation to Mr Fahour’s remuneration beyond what was in the public domain”.
In other words, no.
This happy state of affairs remained until October when a Senate estimates hearing grilled Fahour over his pay packet.
After that October 18 appearance, the department said it “sought information from Australia Post about senior executive remuneration to facilitate responses to the committee’s questions on notice”.
It didn’t get a response. Oh well, never mind.
It remained in blissful ignorance until February 27, when the Senate committee released the information publicly – just ahead of Fahour’s swansong appearance before the committee the following day.
Many corporate boards would kill for a shareholder like this. Primary Greggxit
CBD always wondered how Peter Gregg was going to juggle his legal challenges, and CEO duties at Primary Health Care over the coming months.
Gregg resigned after he was charged with two counts of falsifying records while an executive at Leighton Holdings, but still planned to stay on as the health group’s CEO until his replacement, Malcolm Parmenter, joined in September.
That is no longer the plan.
The company announced on Tuesday that Gregg is stepping down “effective immediately” to be replaced by the group’s chief financial officer, Malcolm Ashcroft, who will fill in as a temporary CEO until September.
Primary Health Care would not say if common sense had prevailed, or if Gregg’s impending legal battle has called him away from office duties.
The good news is we will now get the details of his exit package in the company’s annual report later this year, rather than next year. Lithium high
Lithium explorer Global Geoscience has been on a tear over the past year. The ASX-listed stock has rocketed from less than 1?? to a high of 19?? this week.
So the market could be forgiven for not overreacting to the seismic news of two VIP recruits joining its board on Tuesday.
Alan Davies – the executive that Rio Tinto sacked over a suspicious multimillion-dollar payment, not the British comedian – is one of them.
The significance for Davies is that this is his first public role since being scapegoated by Rio Tinto, which terminated his services – and that of legal counsel, Debra Valentine – based on the initial findings of a company investigation into payments to a consultant who helped Rio access the massive Simandou iron ore deposit in Guinea, West Africa.
Davies has threatened legal action, and got on with his life.
Earlier this year he joined the privately owned African copper explorer, Moxico, as its CEO and also started his own advisory service.
His interest in a lithium and boron explorer like Global Geoscience fits with his role at Rio where he oversaw the miner’s own lithium and borate operations, which means he understands the value of the ASX group’s US assets.
So does his fellow inductee John Hofmeister, the former head of Shell Oil’s US operations. His colourful career post-Shell has included writing a book titled Why We Hate the Oil Companies, it was released just before BP’s Deepwater Horizon catastrophe in the Gulf of Mexico.
Hofmeister’s message from 2011 is not a bash of big oil, but more a lament about the looming energy crisis that he largely attributed to political inaction – a message that would find a welcome home in Australia right now.
He went on to found Citizens for Affordable Energy (US citizens we presume) and obviously likes what he sees in new technologies such as lithium batteries – and a company like Global Geoscience that plans to extract the raw material in Nevada.
Global Geoscience boss Bernard Rowe told CBD that neither director was gifted shares in the company as an enticement. They will have to count on the stock’s continued upward trajectory to get their options in the money.
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This story Administrator ready to work first appeared on Nanjing Night Net.