Embattled Post Office Chief Executive Nick Read Resigns

Embattled Post Office chief executive Nick Read resigns amidst mounting pressure

Former BT group finance chief Simon Thompson set to take over

Read quit after facing calls to resign over the Post Office Horizon IT scandal

Nick Read, the chief executive of the Post Office, has resigned from his post.

Read, who has been in the role since 2019, has been under increasing pressure to quit in recent months due to the ongoing Post Office Horizon IT scandal.

The scandal has seen hundreds of subpostmasters wrongly convicted of crimes due to a faulty IT system.

Former BT Group finance chief Simon Thompson will take over as Post Office chief executive on an interim basis from 1 August.

Read said in a statement to the London Stock Exchange: "It is with regret that I am announcing my decision to step down as CEO of the Post Office.

"I am immensely proud of all that the Post Office team has achieved during my time as CEO.

"We have successfully navigated the unprecedented challenges of the Covid pandemic, ensured the provision of essential services to communities across the UK, and adapted to the rapidly changing retail and financial services landscape.

"However, I recognize that the ongoing Horizon IT scandal has cast a shadow over the Post Office, and it is in the best interests of the Post Office that I step down.

"I believe that this will allow the Post Office to move forward and rebuild trust with its customers and stakeholders.

"I would like to thank the Post Office Board, the management team, and all of the Post Office employees for their support during my time as CEO."