Postmaster General Patrick Donahoe says he'll retire Feb. 1 after leading agency for 4 years

Postmaster General Patrick Donahoe says he'll retire Feb. 1 after leading the struggling agency for four years.

He made the announcement Friday at a meeting of the Board of Postal Governors. The board named Postal Service veteran Megan Brennan as the new postmaster general.

Donahoe, who has spent 39 years with the Postal Service, took over the agency during a serious financial crisis.

His retirement announcement came as the agency reported a $569 million revenue increase in the fiscal year the year that ended Sept. 30, but an overall loss for the year of $5.5 billion.