U.S. Postmaster General Louis DeJoy announced his immediate resignation on Monday, marking a significant shift in leadership for the United States Postal Service amid challenging market dynamics.
What Happened: DeJoy’s resignation comes as the USPS faces significant financial challenges, projecting a net loss of $9.5 billion for the fiscal year ending Sep. 30. The agency, which employs 640,000 workers, has seen stamp prices climb 36% since 2019, rising from 50 cents to 73 cents.
The USPS Board of Governors has engaged executive search firm Egon Zehnder to find the 76th Postmaster General. Kevin Yoder, a former Republican congressman, commented on DeJoy’s departure, according to Axios, stating, “While we’re glad to see DeJoy go, the fear is that his mismanagement will continue casting a destructive shadow.”
The departure comes amid intense discussions about the Postal Service’s future, including potential privatization efforts championed by political figures like Rep. Marjorie Taylor Greene (R-Ga.) and supported by the Department of Government Efficiency.
See Also: Trump Hints At Tariff ‘Breaks,’ Cheers Hyundai’s $21B Bet With Louisiana Steel Plant Deal
Why It Matters: The postal service’s competitive landscape has undergone dramatic transformations, as revealed by Pitney Bowes Inc.‘s PBI annual U.S. Parcel Shipping Index 2023.
Among the four largest carriers—USPS, Amazon.com Inc.‘s AMZN Amazon Logistics, UPS UPS, and FedEx FDX—only Amazon Logistics experienced year-over-year volume growth, surging 15.7%.
Amazon Logistics has made remarkable strides, nearly tripling its shipping volumes from 2 billion to 5.9 billion parcels between 2019 and 2023.
However, the company remains fourth in market share by revenue, generating $28.6 billion compared to UPS’s $68.9 billion and FedEx’s $63.2 billion.
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