Embattled Post Office boss Nick Read to step down

Former CEO oversaw controversial Horizon scandal

Read will leave by end of June after almost seven years in the role

Post Office chief executive Nick Read is to step down by the end of June after almost seven years in the role.

The announcement comes after a tumultuous period for the company, which has been embroiled in the Horizon IT scandal.

Read, a former BT executive, joined the Post Office in 2014. He will be replaced by Simon Thompson, the current chief executive of Royal Mail.

The Post Office has been heavily criticized for its handling of the Horizon scandal, which saw hundreds of subpostmasters wrongly convicted of theft, fraud and false accounting.

A public inquiry into the scandal is currently underway.

Read said he was "proud" of his time at the Post Office, but that it was the "right time" to step down.

"I have always believed that the Post Office has a vital role to play in the UK, and I am confident that the company is well-positioned for the future," he said.

Thompson said he was "honored" to be appointed as CEO of the Post Office.

"The Post Office is a great British institution, and I am committed to working with our people to deliver the best possible service for our customers," he said.