Nick Read, the embattled chief executive of the Post Office, is set to resign from his post, ending a turbulent five-year tenure. The news comes as Read prepares to give evidence to the ongoing inquiry into the disastrous Horizon IT system, which wrongly accused hundreds of sub-postmasters of theft, Sky News reports.
Read initially stepped back from his role to focus on his testimony for the inquiry. However, he has now decided to resign completely, according to the report.
“It has been a great privilege to work with colleagues and Postmasters during the past five years in what has been an extraordinarily challenging time for the business and for Postmasters,” Read said in a statement.
He acknowledged the ongoing work needed to repair the relationship with sub-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,” Read said.
His leadership has been criticized for some time, with former chairman Henry Staunton accusing Read of being overly concerned with his own pay package. Staunton was dismissed earlier this year by then-Business Secretary Kemi Badenoch.
Read will depart the Post Office in March 2025, with interim chief operating officer Neil Brocklehurst assuming his responsibilities. He will receive his salary during his notice period but will not receive any additional payoff, according to the report.
