The Post Office has on Wednesday announced that Nick Read has decided to step down as chief executive on 15 March 2025.
Read was appointed CEO in September 2019, with a remit to modernise Post Office.
In November 2019, he led the settlement with the group litigation claimants in the Horizon case, beginning the journey to address the wrongs of the past and to reset the relationship with postmasters.
Post Office said he championed the appointment of two serving postmasters to the board and focused on increasing postmaster remuneration, investing in training, expanding field teams and supporting postmasters as part of a broader initiative to place postmasters at the heart of organisation.
“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.
“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.”
The 2019 settlement paved the way for redress for postmasters impacted by the Horizon scandal, leading to government legislation to exonerate those wrongly convicted.
Read welcomed the opportunity to provide evidence on behalf of the Post Office, and in a personal capacity, during phase seven of the Post Office Horizon IT Inquiry.
The business is expected to announce the process for the appointment of a new group chief executive in due course, with Read committing to ensure a smooth and orderly transition. In the intervening period, Neil Brocklehurst will serve as acting chief executive, managing the business on a day-to-day basis while Read is focused on the Inquiry.
Nigel Railton, interim chair of Post Office, said: “On behalf of the Board, I would like to thank Nick for his commitment and hard work in leading the business over the past five years. It has been a challenging period for the Post Office and its postmasters, and Nick has been instrumental in navigating the business through this while beginning the important process of cultural change. We wish him all the best for his future endeavours.”
