LONDON - Britain's postal operator Royal Mail said on Thursday its chairman Donald Brydon would step down later this year and that a search for his successor had begun.

Brydon has been in the role since 2009 and oversaw the company's controversial privatisation in October 2013. He will continue to chair the Royal Mail board until at least its annual general meeting in the summer, the firm said.

"Our transformation is well underway and we are now a FTSE 100 listed company. I feel that now is the right time for me to make this decision," Brydon said in a statement.

Related: Postal workers to get shares in private Royal Mail

The British government will lay out plans to privatize the Royal Mail in a 3 billion pounds ($4.5 billion) share offering that will see tens of thousands of workers get a stake in the company.