Post Office chief Nick Read resigns ahead of Horizon inquiry conclusion
18 September 2024, 15:06 | Updated: 18 September 2024, 15:10
Post Office chief Nick Read has revealed that he plans to step down from his role next year.
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Mr Read described it as a "great privilege" to have worked as Post Office chief executive in an "extraordinarily challenging time for the business and for postmasters".
It comes as he is set to give evidence to the inquiry into the Horizon IT scandal next month.
Over 700 Post Office branch managers were given criminal convictions between 1999 and 2015 after faulty Fujitsu accounting software, Horizon, made it look as if money was missing at their branches.
It has been called the most widespread miscarriage of justice in UK history.
Mr Read initially stepped back from his role temporarily to focus on his evidence for the inquiry, which is about to enter its final stage.
Interim chief operating officer Neil Brocklehurst has since been asked to step up as acting chief executive.
In a statement confirming his departure, Mr Read said: "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 underway and our work to support justice and redress for Postmasters will continue."
Mr Read will leave the Post Office next March after having taken on the role from Paula Vennells in 2019.
Responding to the announcement, former subpostmaster Sir Alan Bates - who uncovered the Post Office scandal - said Mr Read "hasn’t achieved anything" during his time as chief executive.
"Do you know, I predicted that," he said.
"It's funny that because when I knew he'd taken seven weeks' leave - in theory to prepare for the inquiry - I thought he'd taken seven weeks off to find a new job. Honestly, that was my first thought."
The Department for Business and Trade said: "Getting compensation for wronged postmasters out the door quickly and building a sustainable future for the Post Office is a priority for this government.
"We will work closely with Neil Brocklehurst as interim CEO to ensure the Post Office delivers for postmasters and its communities."
