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

IndustriesAssociated Press

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.

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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.