Postmaster General Louis DeJoy on Tuesday announced that he would be stepping down as the U.S. Postal Service tries to recover from hundreds of billions of dollars in predicted losses within the next decade.
DeJoy, who was appointed during President Donald Trump‘s first term, notified the Postal Service Board of Governors that it was time to find a suitable successor.
“While there remains much critical work to be done to ensure that the Postal Service can be financially viable as we continue to serve the nation in our essential public service mission, I have decided it is time to start the process of identifying my successor and of preparing the Postal Service for this change,” DeJoy said in a statement.
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“After four and half years leading one of America’s greatest public institutions through dramatic change during unusual times, it is time for me to start thinking about the next phase of my life, while also ensuring that the Postal Service is fully prepared for the future,” he added.
DeJoy said a timely and methodic approach is needed to find someone to lead the organization, followed by a “period of dedicated focus” to position the Postal Service for financial success.
“I am extremely proud of the 640,000 men and women of the United States Postal Service who live, work and serve in every American community,” he said. “Despite being victimized by a legislative and regulatory business model that produced almost two decades of devastation to their organization and workplaces, they have persevered and embraced the changes we are making in order to better serve their fellow citizens.”
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DeJoy was tapped to lead the agency in 2020, during a time of “tremendous operational and financial crisis” for the Postal Service, a news release said.
The USPS is implementing a 10-year restructuring plan intended to eliminate $200 billion in predicted losses over the next decade.
In 2023, the USPS reported a $6.5 billion net loss for that fiscal year. At the time, operating revenue fell $321 million, or 0.4%, to $78.2 billion compared to the same period in 2022, as first-class mail fell to the lowest volume since 1968.
