Life after Australia Post appears to be going pear shaped for key Harvey Norman partner Latitude Financial chief executive Ahmed Fahour, after he quit the private equity controlled company earlier today.

Last year Latitude Financial was bragging about their expansion into Asia off the back of a partnership with three Harvey Norman retail stores in Singapore which were set to be expanded to 12 going forward.

They are already a key partner in Australia.

The exit comes as profits crashed 57 percent.

Earlier today he announced that he is leaving the private-equity controlled company he floated in August, after the collapse of what had been touted as a company-transforming merger with Humm Group.

Latitude’s statutory net profit after tax of $30.6 million was down 57 per cent on the second half of 2021 and down 66 per cent on the first half, dragged lower by the Humm deal costs and restructuring fees.

Its cash net profit (NPAT) of $93 million was down 11 per cent year-on-year, but Latitude said it was above consensus expectations of $90 million.

Latitude’s chairman, Mike Tilley, said the decision recognised the next chief executive would need to commit for a longer term than Mr Fahour was prepared.

“Ahmed’s decision recognises that the next transition to growth requires a longer-term commitment to the CEO role than he sees for himself,” Mr Tilley said.

Latitude said it would now launch search process for Mr Fahour, the former managing director of Australia Post and a National Australia Bank executive, who brought the buy now pay later business to trading boards in April 2021.