In C-suite, though, you don't always need that superior performance to get the big bucks. "People had no idea [Mr Fahour] was going to do that and voted for an agreement trusting their super would remain safe.". Another possible leadership contender, former group executive John Thomas, who abruptly departed last year after running Virgin's domestic and international operations, is understood not to be a contender for the position. However, after 2010, the indexation increases started to blow out as annual enterprise agreement pay rises fell to 1 per cent while average weekly earnings continued to rise as much as 4 to 5 per cent a year.

Mr Hartzer walked out the door with 12 months' salary, or $2.7 million.

Mr Borghetti's successor will have to deal with Virgin's major shareholders including China's HNA Group and Singapore Airlines, with another, Etihad, pondering selling its stake in the company. The union has also accused Mr Fahour of making false and misleading statements to staff when promising them "certainty and security" on their superannuation shortly before cutting it. She said the changes were made to "ensure greater equity for APSS members and in the interests of the long-term viability of the scheme". When they are hired, companies are buying their experience, their skill, their history of success, their vision, their strategy, their knowledge. What time is the debate between Trump and Biden and how can I watch it?

"The changes made to the APSS occurred in accordance with our legal obligations and followed consultation with the ACTU," she said. Nine years later, it paid Craig Drummond $6.5 million to compensate him for lost earnings when he left Bank of America Merrill Lynch to become NAB's chief financial officer. "Superannuation salaries have not decreased for any employee as a result of these changes and members of the APSS continue to receive a 14.3 per cent per annum accrual rate, well above most other schemes.".

"We are looking both internally and externally, and while we believe there will be great interest in the role, we will not be drawn on speculation," she said. Most customers will happily pay it, but a few will baulk and walk away, thinking the product or service is too expensive.

Australia Post estimates about 17,000 employees could potentially be caught up in the changes and has told the union that cutting indexation saves it about $27 million a year. A legendary example of paying whatever it took to get their man was way back in 1993, when the company of the moment, Westpac, had just survived a near-death experience. A long list to take the reins at Virgin Australia has begun to take shape with former Australia Post boss Ahmed Fahour and Westpac executive George Frazis some of the names under consideration to succeed chief executive John Borghetti. Outgoing CEO Ahmed Fahour has threatened to renege on commitments to Australia Post's generous defined benefits scheme if a judgment is handed down against the company. The bank will pay more than $US2.3 billion in a plea deal, the largest penalty in US history for a violation of the Foreign Corrupt Practices Act. In fairness to Mr Hartzer, 12 months' severance pay is a term of his contract, and he didn't set those terms. COVID recovery, Jacinda Ardern, federal ICAC, renewable energy. Making job offers even sweeter, CEOs and senior executives know when they sign-up they will be getting a bonus, pretty much regardless of performance. A Virgin Australia spokeswoman said the airline had "two headhunters conducting a global search". The ABC spoke to some remuneration consultants in preparing this report and the unanimous view was no. But an Australia Post spokeswoman "strongly reject[ed] any suggestion that the 2014 superannuation changes were unlawful or misleading". Andrew Meares. 'That's a matter for the AFL. Westpac executive George Frazis is understood to be highly regarded by the Virgin Australia board and a contender to replace John Borghetti. CEOs and other top executives are sellers of services. It appointed American Bob Joss to rescue the bank, and Mr Joss demanded American CEO pay rates. Virgin forecasts it will be profitable next year, after reporting an underlying $109 million profit before tax for the year to June 30 and a statutory loss after tax of $653 million. Wedding bells again for Ahmed Fahour Jonathan Chancellor and Christine Lacy Latitude CEO Ahmed Fahour with Hannah Holmes in the Birdcage during the Melbourne Cup … Ahmed Fahour, the former Australia Post boss, is under consideration by Virgin to replace John Borghetti as chief executive. John Borghetti, chief executive since 2010, will leave Virgin by 2020, Westpac executive George Frazis is considered a strong candidate, Former Australia Post boss Ahmed Fahour is another name being considered, There are a number of internal candidates and an international search under way, Virgin Australia reported a loss of $653 million in the last financial year. Doctors warn of lasting effects of COVID-19 after recovering from disease themselves, Today's flight for Australians stuck in the UK is due to bring baby Charlie home for the first time, National Cabinet to discuss raising cap on international arrivals, How a dubious story about Joe Biden's son and his laptop went around the world, Documents Ghislaine Maxwell fought to keep secret related to financier Jeffrey Epstein released by US court. There were millions of options and two houses as well. Corporate Australia is struggling to quelle growing unrest from activist investors over exorbitant executive pay, writes Ian Verrender. During enterprise bargaining in 2013, Mr Fahour allegedly agreed to remove proposals to freeze superannuation salary rates to give employees "certainty and security" and pledged to work with the Australian Council of Trade Unions to manage Post's collective liability for the APSS. Neither rain nor a 3.1bn Latitude float failure was going to stop Melbournes most discussed business executive Ahmed Fahour from heading to the races with his newish partner Hannah Holmes. Help using this website - Accessibility statement, CEO David Solomon faces pay cut as Goldman Sachs gets record 1MDB fine, London's COVID-19 lockdown takes a bite out of Aussie foodies, ASX to edge higher, Wall St rises on hopes for stimulus, Letters: NBN up to speed with home-tech needs, NSW government shops local to help with pandemic recovery, High Court should apply black letter law on borders.