A meaty ball company at the center of what could be Australia’s biggest-ever data company, Leak is a known self-promoter whose extravagant pay packages have sparked outrage.
Ahmed Fahour, 57, is CEO of Broadband Financial; interest free credit cards and buy now pay later company stores such as Harvey Norman and Apple in Australia.
The company has now revealed the personal details of up to 15 million customers – including license and passport numbers – it was published in a devastating massacre set to overshadow last year’s massive Optus breach.
But with a backlash condemning a massive data management failure, Mr Fahour will this week walk away from the company at the height of the crisis when he leaves after four years in the job.
Mr Fahour, who announced his plans to leave in August last year, to spend more time with his second wife has recently built a $5.1 million dream home in the city’s ritzy Melbourne beach suburb of Surrento.
Ahmed Fahour (with his second wife Anna), 57, is the CEO of Latitude Financial, an interest-free credit and buy-now, pay-back company used by stores such as Harvey Norman and Apple in Australia.
Ahmed Fahour has sold his Hawthorn villa in Invergowrie (pictured) for a staggering $40.5million in 2021, doubling his money eight years after buying it for $20million in 2013
Ahmed Fahour drove a luxury Maserati supercar (like the stock photo pictured) with AMAZNN CEO while Australia Post CEO
He made a big profit in cash for a five-bedroom house using Hawthorn mansion ‘Invergowrie’ for a staggering $40.5million in 2021, doubling the amount eight years after he bought it for $20million in 2013.
The twice-married father of four, from his first marriage to yoga instructor Dionnie, drove a Maserati supercar with the king of AMAZNN to work as CEO of Australia Post before stepping down in 2017 amid high drama over his salary and benefits.
‘Part of Ahmed’s career and ability is that he’s a pretty good guy who sells and sells himself very well,’ John Stanhope, a former chairman at Australia Post, admitted in a recent profile on the boss.
‘He really believes that he is worth it.’
The Muslim son of Lebanese immigrants – one of eight children – he is unashamed of his cunning, always treating himself as best he can.
That trait was first noted 18 years ago when he was appointed CEO of NAB.
At the bank’s 2005 AGM, former NAB CEO, Neil Clark, highlighted Mr Fahour’s high self-esteem.
Mr Fahour revealed he earned more in his first 28 days with NAB than Mr Clark did in 45 years of working at the highest levels of Australian banking.
Mr Clark dryly added that he hoped Mr Fahour could do as much for his partners as for himself.
It was noted that a few years later it resonated when he was the CEO of Australia Post and his salary was quietly hidden from the annual report while asking 900 staff.
The scandal came when it was later revealed that he had earned $5.6 million in 2016, much more than his superiors were paid in the role.
An extravagant salary package was pushed by then Prime Minister Malcolm Turnbull.
“I spoke to the president today as a prime minister and a taxpayer,” the PM said at the time.
‘I think that the salary is higher than the reward.’
Even six years later, current Australia Post CEO Paul Graham has still earned just a shade more than $2million in 2022 – and he made that clear in his latest annual report.
Mr Fahour eventually left Australia Post in 2017 on a rowing salary after facing a furious backlash from the public.
One Nation senator Pauline Hanson said her resignation was “fantastic” – but after seven years in the top job; Mr Fahrour walked away with a $10.8 million golden handshake in base pay and bonuses.
Six years later, Mr Fahrour is leaving again, announcing his intention to step down last August after four years at Latitude.
The term in charge saw him once again embroiled in controversy with a series of stock options in a lost $4billion share flotation that cost him $50million.
After surpassing the revised offer – to $2.60 a share – the stock has since slipped to just $1.14 on Tuesday and is poised to fall further as anger over the data breach grows.
Even before the details of the leak emerged on March 16, the share price was already just $1.21. Net profit after tax fell 66 percent, to $30.6 million, and revenue fell 12.1 percent.
But he insists his four years have been a success that has taken the $2billion firm from the fifth largest lender to the second.
‘It’s a huge, big change,’ he said.
‘It’s a privilege to be CEO of Broadband, and I’m incredibly proud of all the work we’ve accomplished.’
Mr Stanhope, who was a salaryman at Australia Post, was a business whiz worth every penny.
‘When you put yourself out there like he does, you make a mark on yourself,’ Mr Stanhope told the AFR in 2019.
‘As far as I am concerned, he is doing his job well.’