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The Post Office chief executive is set to resign from his role in a year dominated by the fallout from the Horizon scandal.
Nick Read, who is preparing to give evidence to the inquiry next month, will step down in March next year, the Post Office said on Wednesday.
Following the announcement, Mr Read described it as a "great privilege" to have worked as the company’s chief executive in an "extraordinarily challenging time for the business and for postmasters".
Lead campaigner and former subpostmaster Sir Alan Bates criticised Mr Read’s five-year tenure when reacting to the news, saying he “hasn’t achieved anything”.
Interim chief operating officer Neil Brocklehurst has been asked by the Post Office's board to step up as acting chief executive while Mr Read prepares for the inquiry, the company said.
Mr Read had previously announced his intention to temporarily step back from the role to give his "entire attention" to the next stage of the Horizon IT inquiry. He is set to give evidence over the course of three days, beginning on 9 October.
More than 700 subpostmasters were prosecuted by the Post Office and handed criminal convictions between 1999 and 2015 as Fujitsu’s faulty Horizon IT system made it appear as though money was missing at their branches.
Mr Read’s decision to step down comes during the continuing fallout from the Horizon scandal and amid growing criticism of his leadership.
In February, the business and trade committee of MPs expressed a lack of confidence in his leadership, accusing him of giving misleading evidence.
Mr Read also denied a claim made by former chair of the Post Office Henry Staunton that he had tried to resign because of pay.
He was later “exonerated of all misconduct allegations” following a report into his behaviour earlier this year.
The external report, which the Post Office has not released, was said by Mr Staunton to contain allegations about Mr Read’s “conduct and lack of his management of the many governance and compliance issues”.
The Post Office said at the time that the review cleared him of any misconduct claims, and that he had the full backing of the board to continue to lead the business.
Following his announcement on Wednesday, 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."
Mr Read took on the chief executive position in 2019, succeeding former boss Paula Vennells, who this year forfeited her CBE following public anger over her handling of the Horizon crisis.
Ms Vennells testified to the inquiry over three days in May, in a sometimes tearful set of evidence sessions about her conduct in connection with the scandal.
Reacting to Mr Read’s decision to step down Sir Alan said: "Do you know, I predicted that.
“It's funny that because when I knew he'd taken seven weeks' leave - in theory to prepare for the inquiry - I thought he'd taken seven weeks off to find a new job. Honestly, that was my first thought."
Asked for reflections on Mr Read's time as chief executive, Sir Alan said: "Well, he really hasn't achieved anything, has he? He certainly hasn't done anything for the victims in all of this. I mean, I'm lost for words."
On what he wanted from Mr Read's successor, Sir Alan said: "It needs somebody just to actually resolve and get everything out of the way - get all the misdemeanours that have gone on in the past, get them out in the open and to drive this whole issue, this whole scandal, and all aspects of it, out.
"And get rid of so many of these people who have been involved over the years who just seem to be shuffled around within Post Office.
"Someone's got to come in with one big sweeping brush and clear the whole thing out."
