Embattled Post Office boss to step down amid fallout from the Horizon IT scandal

Nick Read has called it a 'great privilege' to have worked as chief executive in an 'extraordinarily challenging time for the business and for postmasters'

Nick Read, the chief executive of the Post Office, is set to resign from his position next year, the company has confirmed.

In a statement, Mr Read called it a "great privilege" to have led the company through what he described as an "extraordinarily challenging time for the business and for postmasters". He had previously declared his intention to take a temporary leave from his duties to focus fully on the ongoing Horizon IT inquiry.

Mr Read stepped into the role of chief executive in 2019, taking over from Paula Vennells, who this year returned her CBE amid widespread outrage over her management of the Horizon debacle. His decision to depart in March next year occurs amid the ongoing repercussions of the Horizon scandal, which saw MPs declare they had no confidence in his leadership during a business and trade committee meeting in February.

Earlier this year, Mr Read was cleared of any wrongdoing following an investigation into allegations of misconduct against him. This investigation followed his rebuttal of claims by ex-Post Office chairman Henry Staunton that he had attempted to quit over salary issues.

Upon announcing his resignation, Mr Read reflected: "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."

"There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue."