Nick Read: A Comprehensive Overview of the Career and Leadership Journey of Post Office’s CEO
Nick Read, the Group Chief Executive Officer (CEO) of Post Office Ltd, is a seasoned business leader with extensive experience in crisis management, retail operations, and corporate strategy. His leadership has been marked by significant transformations in three major sectors: retail, energy supply, and logistics/banking. With a focus on turnaround strategies and business stabilization, Read’s career has spanned multiple industries and organizational structures, from member-owned to government-owned companies. In this article, we will explore Nick Read’s career journey, his role at Post Office Ltd, his past experiences, and his educational background.
Early Career and Education
Nick Read’s career trajectory started with an academic foundation built at the University of Buckingham and Cranfield School of Management. He earned his Bachelor’s degree in Business Studies from the University of Buckingham, and later pursued an MBA at Cranfield School of Management, which is known for producing influential business leaders across the globe.
Following his formal education, Nick Read worked in various roles across different industries. His first corporate experience began at Aldi UK, where he worked as the Purchasing Director, followed by a managerial role at Deloitte Consulting. These early roles laid the groundwork for Read’s expertise in corporate strategy, operations management, and business development.
Nick Read’s Career Journey: From Retail to Leadership
Nick Read’s career truly gained momentum when he began working at larger corporations, notably in the retail, banking, and telecommunications industries. His leadership skills were evident from the outset, and he quickly rose through the ranks to hold several high-profile positions.
Retail Experience: Nisa Retail CEO
Nick Read became the CEO of Nisa Retail in February 2015, where he was tasked with stabilizing and turning around the company following a collapse in profitability. Nisa, a £1.3 billion food retailer, was facing severe financial issues, and Read’s efforts to restructure and refinance the business were pivotal in restoring it to growth. Under his leadership, Nisa returned to profitability, and Read produced the biggest swing in profitability in the company’s history during the 2015/6 financial year. He also helped grow the company’s Net Promoter Score (NPS) from 34.5 to 59 within 18 months.
Nick Read’s tenure at Nisa also saw the company secure some of the largest supply contracts in convenience retail, and he played a crucial role in facilitating the sale of Nisa to the COOP for an Enterprise Value of £248 million in October 2017. This achievement not only bolstered Nisa’s financial standing but also solidified Read’s reputation as a capable leader in the retail sector.
Leadership at Extra Energy Supply and Thomas Cook Group
After his successful stint at Nisa Retail, Nick Read took on the role of CEO at Extra Energy Supply Limited in April 2018. In this role, he worked on stabilizing the company during a turbulent period in the energy sector. Read’s expertise in crisis management proved invaluable as he steered Extra Energy Supply through a complex period in its business lifecycle.
Read’s experience in customer service and digital transformation was further honed during his time at Thomas Cook Group, where he served as Group Customer Service Director. At Thomas Cook, he was responsible for omni-channel and digital transformation, focusing on improving the customer experience across retail, contact centers, and digital platforms. His leadership helped shape the company’s operations and organizational structure, enhancing its overall customer service model.
Post Office Ltd: Nick Read’s Most Notable Role
Nick Read’s most prominent role came when he was appointed as the CEO of Post Office Ltd in September 2019. At the helm of the organization, Read faced significant challenges stemming from the Horizon IT scandal, which led to the wrongful convictions of hundreds of sub-postmasters. These issues were a result of faults in the Post Office’s Horizon IT system, which led to errors in accounting and mismanagement.
During his tenure, Read worked to address these systemic problems and led efforts to compensate affected individuals. His leadership in overseeing the Post Office’s response to the scandal garnered both praise and criticism. The public scrutiny intensified when Read faced allegations of attempting to increase his salary and bonuses during a period when many sub-postmasters were still awaiting compensation.
Despite the challenges, Read’s focus on stabilizing the organization and addressing the long-standing issues created by the Horizon IT scandal became a central aspect of his tenure. Read also participated in the government’s Retail Sector Council and the Financial Inclusion Committee, which further solidified his role as a key figure in shaping government policies related to the retail sector.
Leadership Style: Crisis Management and Turnaround Strategies
Nick Read is known for his expertise in crisis management and business turnarounds. Throughout his career, he has specialized in stabilizing failing or struggling organizations and guiding them toward profitability. His leadership has been characterized by a clear focus on restructuring, operational efficiency, and employee engagement. His ability to manage large-scale multi-site businesses and build strong internal and external communication strategies has been a hallmark of his leadership style.
Read’s experience across various sectors, including retail, banking, energy supply, and logistics, has enabled him to approach challenges with a unique perspective. His role in government and regulatory relations has also been crucial in shaping policies and aligning the interests of stakeholders during complex transitions.
Nick Read’s Role in the Broader Industry
Beyond his work at Post Office Ltd, Nick Read’s career has extended into various leadership roles within industry bodies. As part of his role at Post Office Ltd, Read sits on the Government’s Retail Sector Council and the Financial Inclusion Committee. These positions allow him to influence key government initiatives and policy decisions, particularly in areas related to financial inclusion and the retail sector’s broader economic impact.
Resignation from Post Office Ltd
In September 2024, Nick Read announced his decision to step down as CEO of Post Office Ltd, with his resignation scheduled for March 2025. This decision came amid significant public and political pressure, particularly regarding his handling of the Horizon IT scandal and his remuneration. Read’s resignation marked the end of a challenging chapter for both him and the organization.
While his leadership was pivotal in navigating the Post Office through difficult times, his departure opened the door for a new era of leadership. The Post Office aims to restore trust and move forward with reforms that address the long-standing issues caused by the Horizon IT system.
Conclusion: Legacy and Impact
Nick Read’s career has been defined by his ability to manage crises, stabilize struggling businesses, and lead large-scale transformations. As the CEO of Post Office Ltd, he navigated significant challenges, including the Horizon IT scandal, and played a central role in addressing the complex issues surrounding the organization. His leadership style and focus on operational efficiency and crisis management have left a lasting impact on the companies he has led.
Though his tenure at the Post Office was marked by controversy and challenges, Nick Read’s career serves as a testament to the importance of resilience, adaptability, and strategic vision in the face of adversity. His legacy will undoubtedly influence the future of organizations grappling with similar challenges in the public and private sectors.
