Ahmed Fahour turns 51 this month, and is obviously hoping his multimillion-dollar pay days are not a thing of the past.
Barely months after leaving his well-remunerated CEO position at Australia Post, Fahour has found himself another executive role.
Was Ahmed Fahour’s final pay worth $10.8m?
Australia Post has revealed that its former chief executive Ahmed Fahour was paid a total of $10.8 million after quitting earlier this year.
It is none other than the side gig he had as non-executive chairman of packaging group, Pro Pac, which is 49 per cent owned by his billionaire buddy Raphael Geminder, the brother-in-law of Australian packaging billionaire – and Donald Trump buddy – Anthony Pratt.
Despite the two profit downgrades this year, Fahour’s role has been upgraded to that of executive chairman at Pro Pac, which is on the cusp of a company-transforming deal.
Barely months after leaving his well-remunerated CEO position at Australia Post, Fahour has found himself another executive role. Photo: Josh Robenstone
Last month, Pro Pac announced the acquisition of fellow packaging manufacturer IPG – from its executive team and private equity owners, Advent Partners – for $177.5 million. This was more than twice the market value of Pro-Pac at the time.
Cometh the hour, cometh the man.
Pro Pac said Fahour will become executive chairman on October 27, the day after investors vote on the deal.
“With the conclusion of his previous executive role following a significant turnaround, a repositioning of that organisation under his leadership, Mr Fahour is to assume the role of executive chairman of PPG, to assist with the merger of Integrated Packaging Group and transitioning of the company to a major international flexible packaging manufacturer and distributor,” Pro Pac said.
Outgoing Australia Post chief Ahmed Fahour.
The short, one-page announcement did not include details of Fahour’s remuneration but we know from past experience that it will not disappoint. Well, it won’t disappoint Fahour anyway, who appears to be on holiday in Bali and has not seen fit to Tweet the great news just yet.
Fahour’s promotion is not the only change at Pro Pac. One of his allies, corporate raider Gary Weiss will be stepping down from the board due to “his other board commitments”.
This includes his recent success in gaining a board seat at Ardent Leisure after a very hostile campaign to destabilise its board. Now the hard work begins.
Bill Moss, the former Macquarie Group property guru, has had some interesting adventures since hanging up his own shingle with Moss Capital.
He was recently outed as the white knight who helped bail out celebrity gardener Jamie Durie.
There was also his brush with the latest rugby league salary cap scandal at the Parramatta Eels – not that there was any suggestion of wrongdoing on his part.
They are just some of the ventures Moss has tackled alongside his relentless focus on promoting research into the disease that is slowly crippling him: facioscapulohumeral dystrophy.
And it looks like Moss has also been able to rekindle some of the old magic with a more recent property deal in the real estate hot spot that is Queanbeyan.
Moss Capital struck a deal with some local property barons who owned a patch of dirt known as the Curtis Estate.
The plan was for Moss to help the estate’s owner, Cannchar, to turn it into a swish residential subdivision with the parties then splitting the proceeds.
It was July 2011, one year after Moss bailed out Durie, but things did not go to plan, according to a recent judgment in the Land and Environment Court.
The development application ran into trouble within weeks, then the following month, the local council resolved to compulsorily acquire the land for the highly controversial Ellerton Drive Extension. Bugger.
Cannchar made an application for compensation in December 2015, seeking a cool $26 million for their troubles in relation to the land being acquired and loss of value on what remained in their hands.
The trouble for Moss’s gang is that they did not actually own this land. Adding insult to injury, Moss Capital’s modest claim for compo – $610,272 – was rejected.
Moss tried again in February last year, claiming an “equitable interest” in the land based on the deed his group signed with Cannchar.
Justice John Robson was not persuaded by the legal arguments of Moss’s team: “It is my view that the deed gives Moss Capital a contractual right to develop Curtis Estate with Cannchar Investments and to share in any profits, which is not a proprietary or quasi-proprietary right,” he said.
Maybe Moss can work on his old colleagues at Macquarie to get a toll road put on the Ellerton Drive Extension, which received $24 million in the most recent NSW state budget.