Post Office CEO Nick Read to Step Down Amid Ongoing Horizon Scandal Fallout

Nick Read, the chief executive of the Post Office, has announced his intention to leave his position in March 2025, following a tumultuous five-year tenure marked by the ongoing Horizon IT scandal. This development comes after Read temporarily stepped back from his role in July 2024 as the inquiry into the scandal entered its next phase.

In a statement, Read reflected on his time at the helm of this historic British institution:

"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."

The Horizon IT scandal, which has been unfolding for over two decades, is considered one of the most significant miscarriages of justice in British legal history. Since 2000, more than 700 sub-postmasters were wrongfully prosecuted based on faulty information from the Horizon accounting system, leading to numerous convictions, bankruptcies, and even suicides.

The Post Office, which has existed in various forms since 1660, has been grappling with the fallout from this scandal. In December 2019, it agreed to pay £58 million to settle claims from 555 sub-postmasters. Subsequently, the Court of Appeal overturned 39 convictions in April 2021, with more following later. The total cost of compensation payments has now exceeded £1 billion.

During Read's tenure, the organization has been working to address these injustices and rebuild trust with postmasters. The Post Office network, which serves 99.7% of the UK population through approximately 11,500 branches, has been striving to maintain its essential services while navigating this crisis.

Despite these challenges, the Post Office continues to play a vital role in British society, offering over 170 different products and services. In the 2020/2021 financial year, it reported an annual revenue of £951 million and handled 1.5 billion parcels and letters in 2020 alone.

As the search for Read's successor begins, the Post Office faces the ongoing task of supporting justice and redress for affected postmasters while ensuring the continued operation of its extensive network. The organization's future leadership will be crucial in navigating the remaining hurdles of the Horizon scandal and restoring public confidence in this longstanding institution.