Postmaster General Patrick Donahoe to retire Feb. 1

Postmaster General Patrick Donahoe announced Friday that he will retire on Feb. 1 after four years on the job.

He will be succeeded by agency veteran Megan Brennan, who will become the first female postmaster general, according to CBS News.

The announcement comes after the agency reported a $569 million revenue increase, but an overall loss of $5.5 billion, for the fiscal year ended Sept. 30.

Read more from CBS News.