US Postmaster to Resign Following Billions in Reported Losses

Louis DeJoy, the US Postmaster General, announced on Tuesday that he had asked the US Postal Service's (USPS) governing board to name his successor.

In November, DeJoy warned that the post office, which has lost more than $100 billion since 2007, must continue to cut expenses or face a "government bailout or the end of this great organization as we know it".

USPS did not disclose when DeJoy, who has led the agency since 2020, intends to leave. His announcement came weeks after Donald Trump assumed office.

USPS is implementing a 10-year restructuring plan unveiled in 2021, which intends to save $160 billion in projected losses over the following decade. The USPS now anticipates $80 billion in losses over the decade and expects additional changes to fill the shortfall.

He has drawn criticism in Congress for proposals to consolidate processing networks.

In December, DeJoy defended the USPS's intention to buy an increasing number of electric cars after Congress gave it $3 billion to monitor the transportation of tens of millions of ballots in last November's presidential election.

First-class mail volume continues to plummet, down 3.6% year on year to 44.3 billion pieces. First-class mail use has dropped by 80% since 1997 and is at its lowest level since 1968.

In September, USPS announced that stamp prices would not be increased in January for the first time in two years. In July, the USPS hiked the price of a first-class mail stamp from 68 cents to 73 cents, increasing overall mailing service product prices by 7.8%.