The stock has never recovered from a disastrous profit downgrade in December 2015 – just weeks after Sheppard took over from Bruce Dixon.

It halved the stock price to $1 and is now the subject of three separate class actions.

Investors are now looking at that $1 price as the good old days, after Sheppard fleshed out his reboot of the company, which was announced last year.

The contractor will wipe out about one-third of its contract book, which consists of low-margin, poor performers, according to Sheppard.

It will require another $420 million in write-downs, a $358 million net loss, and a fall in its dividend, which triggered another record low for the stock on Tuesday.

The good news is that Sheppard plans to focus the group on contracts that actually make money, which sounds like a wonderful plan. Why didn't he think of this when he first joined the company? 

Post haste 

The guy who was in charge of the decision to try to hide Ahmed Fahour's salary, Telstra veteran John Stanhope, finally admitted to a Senate estimates committee on Tuesday that it was a stinker of a decision.

"In hindsight, it was a mistake," said Stanhope, but he claimed the larger problem is the public just doesn't understand the business – and why it needs these executives on these extortionate salaries to run it.

Fahour gave his audience a dramatic re-run of the conversation with then communications minister Stephen Conroy that set his mission at Australia Post.

"Save these people's jobs, save this company and don't let it be the next Kodak," was Fahour's recall of the 2009 conversation.

Oh, and in case Malcolm Turnbull didn't get the message, Fahour is a little miffed that he hasn't received a call from him.

"I'm sure in the fullness of time he will buy me a beer and thank me for my service," said Fahour. 

Retail Revelation

It wouldn't be a Harvey Norman profit announcement without a snarky word from the big man himself, Gerry Harvey.

The online threat from retail mosquito Ruslan Kogan has receded, but Harvey found fresh enemies to rail against after his retailer posted a strong result on Tuesday.

His latest foe is the online behemoth Amazon, and the breathless press announcements of its imminent arrival.

"If they [Amazon] do arrive – and I've been checking up and I can't find any proof of their arrival," Harvey said. "It's like the second coming of Jesus."

On a more serious note, he explained to News.com.au that Amazon was not a good corporate citizen and Australia should stop the retailer coming in "like Donald Trump not letting the Muslims in". 

Rupert's gold pass

You don't have to actually work for Rupert Murdoch to make a fortune. Just ask News Corp's retiring chief financial officer Bedi Singh.

He will make $US10 million ($13.02 million) over the next three years from drawing his base salary and bonuses despite walking out the door for the last time this Wednesday.

Maybe people should have paid a little more attention when the media group announced last week that Singh will be "departing" with so little notice "to pursue new opportunities."

These are terms used all too often when executives are being swept out the door. Not that Murdoch was as sparing in his kind words for Singh.

"I asked Bedi to come back in 2012 to help get the new News Corp up and running, and he's done a great job doing just that," said Rupert.

And Murdoch does have a reputation for rewarding his loyal lieutenants. Rebekah Brooks' pay-off from News Corp may have exceeded £16 million ($25.88 million) after she was forced to resign in the wake of the phone-hacking scandal.

On Tuesday News Corp announced it will enter into a "separation agreement" with Singh, "pursuant to which Mr Singh's employment with the company was terminated without cause".

He will continue to receive his $US1.3 million base salary, and $US2 million in bonuses, for each of the 2017, 2018 and 2019 financial years, "payable at the conclusion of the relevant period."

That does not include stock performance units, which unlike his bonus appear to be "at risk" and hence actually subject to the financial performance of News Corp.

He will also receive $US495,000 payable in instalments over the next three years in lieu of his participation in the company retirement scheme, and a modest monthly consulting fee of $US12,500 for a minimum of six months.

News Corp's Australian number-cruncher Susan Panuccio will be replacing Singh, with a base salary of $US1.1 million and annual bonus of up to $US1.1 million, which kicks in for the 2018 financial year.

For the record, News Corp reported a $US219 million loss for the December quarter, thanks largely to $US537 million worth of write-downs on its Australian assets.

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