OZ Post Execs Get Massive Pay Rises For Delivering Losses
Australia Post and Star Track are key to the retail industry and online retailers and while their services are struggling and the business is awash in losses, it’s not stopped senior executives finding a way to jack up their bonuses and base salaries.
Take CEO Paul Graham, (seen below), his base take home pay surged $301,952 or 13% way above inflation with the guy running the loss-making Federal Government entity now earning a staggering $2.68m,with a big chunk in a cash bonus.
The full-year loss at Australia Post before tax was $88.5m,last year.
So how did this come about?
According to the AFR he losses for FY24 were forecast to be much, much higher, well north of last year’s losses of $200m, and so on that basis the actual result – unsightly as it still looks – can being lauded as a remarkable bit of turnaround wizardry.
Resulting in executives getting a bonus for reducing the losses.
To get there they raised the price of stamps by 25 per cent, scaled back services and closed post offices around the country.
Graham was not the only one to get a financial pat on the back, Executive general managers Susan Davies and Gary Starr earned an extra $181,855 and $179,466, respectively, with Rod Barnes receiving $114,287 and Michael McNamara scoring $82,213.
Not a bad outcome for a leadership group that is struggling to get into the black.
Can you image how much tax payers will have to find out if they actually make a profit.