Post Office chief Nick Read resigns ahead of Horizon inquiry conclusion

Mr Read to step down in March after leading scandal-hit organisation since 2019

Nick Read, the Post Office chief executive, has announced his resignation days before the Horizon inquiry enters its final stage. 
Mr Read, who has led the scandal-hit postal service since 2019, will step down from his role in March.
Neil Brocklehurst, who joined as the interim chief operating officer in June, will serve as acting chief executive while the Post Office searches for a permanent replacement. 
It comes after Mr Read stepped back from his front line duties over the summer to focus on preparing for the seventh stage of the inquiry, which will examine practice and procedures at the organisation, as well as executive pay.
The Post Office said Mr Read welcomed the opportunity to testify at the proceedings, which are scheduled to begin on Monday.
Mr Read was appointed as chief executive with a goal of modernising the Post Office. He subsequently oversaw a £58 million settlement to a group of 555 postmasters led by Alan Bates, though the claimants were left with only £20,000 each after hefty legal costs.
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 under way and our work to support justice and redress for postmasters will continue.”
Nigel Railton, the interim chairman of the 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.”
Mr Read’s resignation comes at a turbulent time for the Post Office, which is facing fierce scrutiny over its role in the Horizon scandal.
Hundreds of postmasters were wrongly prosecuted after bugs in the company’s computer system showed unexplained shortfalls in their accounts. Bosses have been accused of covering up the failings and overseeing the largest miscarriage of justice in British history.
Meanwhile, the Post Office has been grappling with an exodus of senior figures as it tries to draw a line under the crisis. Chris Brocklesbury, the IT chief, stepped down this month after overseeing a botched attempt to replace the Horizon software system. The project is delayed by five years after costs have ballooned.
A host of other top executives have stepped down in recent months, including Alisdair Cameron, the finance chief.  Earlier this year, The Telegraph revealed he will continue to receive most of his salary for years to come despite stepping down after more than a year of sick leave.
Mr Railton, the former boss of the National Lottery operator Camelot, was parachuted in as chairman in May after the ousting of Henry Staunton, his predecessor.
He has since hired a number of trusted lieutenants to rebuild his top team and is carrying out a strategic review of the company. The findings are expected to be published in the autumn.