US Postmaster General Louis DeJoy has asked the Postal Service governing board to identify his successor. He warned that if costs are not cut, the post office will face a government bailout or cease operations. The USPS is implementing a 10-year restructuring plan to eliminate $160 billion in predicted losses over the next decade. Despite facing criticism from Congress, DeJoy defended the agency’s electric vehicle purchase plans after receiving $3 billion in funding.
The post office continues to struggle with declining mail volumes, with first-class mail dropping 3.6% year-over-year and use down 80% since 1997. In a rare move, USPS decided not to raise stamp prices in January for the first time in two years. DeJoy’s announcement comes as President Donald Trump takes office, although his departure timeline has not been specified.
Source: https://www.reuters.com/world/us/us-postal-service-chief-asks-board-identify-successor-2025-02-18