Post Office CEO to Step Down Amidst Ongoing Compensation Scandal

Nick Read, CEO of Britain's Post Office, will step down next year. His tenure has seen a slow pace in compensating branch managers wrongfully convicted due to a faulty computer system. Read, who took the role in 2019, had temporarily stepped back to focus on an inquiry into the miscarriage of justice.

The chief executive of Britain's scandal-ridden Post Office, Nick Read, will step down next year, the company revealed on Wednesday. This announcement comes as criticism intensifies regarding the slow compensation payments to wrongly convicted branch managers.

Read described it as a "great privilege" to lead the company during such challenging times. He emphasized that efforts to reset relationships with postmasters and support justice will continue. Read took over from Paula Vennells in 2019, amidst ongoing fallout from the Horizon IT scandal.

The Horizon scandal, spotlighted by a recent ITV docudrama, resulted in over 900 wrongful convictions between 2000 and 2014. Despite Read not being implicated in the original injustices, victims express dissatisfaction with the progress made under his leadership.

(With inputs from agencies.)