Postmaster General Louis DeJoy announced Tuesday he’s leaving his post and urged the Postal Service Board of Governors to start the search for a replacement.

Mr. DeJoy didn’t say when he’s stepping down from the position that he’s held since 2020.

“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,” Mr. DeJoy said in a statement. 

“The major initiatives we are currently endeavoring are multiyear programs, and it is important to have leadership in place whose tenure will span this future period,” he added. “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.” 

President Trump will play a significant role in choosing Mr. DeJoy’s successor. The agency has three vacancies on its board, which nominates the postmaster general. 

Mr. DeJoy is leaving halfway through his 10-year term. In his statement, he said recent financial results are a “strong indicator” that the Postal Service is on a path to being financially stable. However, USPS still anticipates ending fiscal 2025 with a $6.9 billion net loss.

Mr. DeJoy said the USPS is on a course to slash $2 billion in annual transportation costs, $1.5 billion in annual mail processing costs and expand revenue by $5 billion, but added that those goals will “take several years to accomplish and perfect.”

As part of his cost-cutting initiatives, USPS is offering early retirement buyouts to mail handlers in its mail processing facilities and to employees in support positions. Eligible USPS workers have until March 7 to accept the early retirement offer and would retire on April 30. 

First-class mail volume continues to fall, dropping 3.6% from last year. In July, USPS raised the price of a first-class stamp to 73 cents from 68 cents. 

• Jeff Mordock can be reached at jmordock@washingtontimes.com.