Post Office boss Nick Read to step down next year

The chief executive officer of Post Office, Nick Read, is to step down after five years on the job, the state-owned postal company announced on Wednesday.

Read, who joined the company in September 2019 after previously serving as CEO at Extra Energy and Nisa Retail, will leave his post in March next year.

However, Read will immediately hand the reins over to former Camelot CEO Neil Brocklehurst to focus on the Horizon IT scandal inquiry. Brocklehurst, who joined the company in July, will act as interim CEO.

"The business will announce the process for the appointment of a new group CEO in due course and Nick is committed to ensuring a smooth and orderly transition to his successor," the company said in a statement.

Read is said to have "paved the way" for redress for Postmasters impacted by the Horizon IT scandal, according to the company, leading to government legislation to exonerate those wrongly convicted.

Commenting on his resignation, Read said the past five years were an "extraordinarily challenging time for the business and for Postmasters".

"There remains much to be done for this great UK institution but the journey to reset the relationship with Postmasters is well underway and our work to support justice and redress for Postmasters will continue," he said.