best news I've heard all year

He's done the job that he was paid to do,(turned AP around from losing money on the letter post and over all

in 2015 to making a good 131 mil profit in the six month to Dec 2016).

http://www.news.com.au/finance/business/other-industries/australia-post-firsthalf-profit-soars-to-13...

Hopefully the new CEO is just as good.

Remember AP is a Government owned company and if it ever fell into private hands due to losing money then

current prices would only be a dream as privatization would only see prices rise quickly.

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@go-tazz wrote:

He's done the job that he was paid to do,(turned AP around from losing money on the letter post and over all

 

in 2015 to making a good 131 mil profit in the six month to Dec 2016).

 

http://www.news.com.au/finance/business/other-industries/australia-post-firsthalf-profit-soars-to-13...

 

Hopefully the new CEO is just as good.

 

Remember AP is a Government owned company and if it ever fell into private hands due to losing money then

 

current prices would only be a dream as privatization would only see prices rise quickly.

 

 

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Part of the turnaround is fudging figures for letter post to justify significant increases. Like not including parcel deliveries by posties in the revenue for said service.

What I find interesting is he's given a week's notice. CEO's usually hang around for a bit longer than that to ensure a smooth transition. Even the con-artist Peter Gregg. Says something. I suspect he got a little bit of help in jumping.

He has resigned but not leaving till July according to the news tonight.

Maybe the general public should ask questions about the payments being made to other Australia Post top cats....from what I have read many of them are making more than our Prime Minister also.

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@lyndal1838 wrote:

He has resigned but not leaving till July according to the news tonight.

 

Maybe the general public should ask questions about the payments being made to other Australia Post top cats....from what I have read many of them are making more than our Prime Minister also.

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As they are his ex-NAB mates I doubt they will hang around long.

Maybe they can do forex trading. That is the way, apparently, to make bucketloads of money without risking anything or producing anything. They would be perfectly suited.

the other executives carry their retiring ceo to the pub for celebratory going away drinks

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@davewil1964 wrote:

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@lyndal1838 wrote:

He has resigned but not leaving till July according to the news tonight.

 

Maybe the general public should ask questions about the payments being made to other Australia Post top cats....from what I have read many of them are making more than our Prime Minister also.

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As they are his ex-NAB mates I doubt they will hang around long.

 

Maybe they can do forex trading. That is the way, apparently, to make bucketloads of money without risking anything or producing anything. They would be perfectly suited.

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Too much work involved with being a trader. Hours a day.

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@davewil1964 wrote:

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Part of the turnaround is fudging figures for letter post to justify significant increases. Like not including parcel deliveries by posties in the revenue for said service.

 

What I find interesting is he's given a week's notice. CEO's usually hang around for a bit longer than that to ensure a smooth transition. Even the con-artist Peter Gregg. Says something. I suspect he got a little bit of help in jumping.

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This is a question I often ask myself - why the dodgy accounting?

Let's say we have 4000 posties nation wide (AP employs 36000 staff overall).

If each carried one small parcel per shift, at the $2 per item parcel courier rate, that would amount to over $2,000,000 pa that is currently on the Parcel ledger rather than that of  the letter business.

There you go.