Consultants McKinsey & Company will oversee the operation
The Government is to undertake a second review of An Post.
The CEO of An Post, David McRedmond, says international consultants McKinsey & Company will oversee the operation.
It will see a root and branch review of the company "to identify the structural changes necessary to restore the company to a sound financial footing".
A similar report, spearheaded by Newstalk broadcaster Bobby Kerr, was published in January of this year.
An Post say the Kerr Report, which examined the post office network, will feed into the overall review.
That report's 23 recommendations cover a number of areas - including network renewal, financial services, government services, white labelling, and social capital and enterprise.
It comes as the price of a stamp looks set to increase.
Communications Minister Denis Naughten is seeking to relax a postal price cap currently in place until June 2019.
He said: "In recognition of the very difficult financial situation facing An Post, legislation to provide for the repeal of Section 30 of the Postal Services Act, 2011 has been approved by Government today.
"An Post is facing an acceleration of the trend in volume decline which has been apparent for some years. This coupled with the impact of the 2.5% pay increase this year has led to deterioration in company financials.
"In order to ensure that An Post continues to provide postal deliveries every day to each address, the company will be given greater pricing freedom for mail products.
"No price increase will take place until the legislation is enacted and until I make a commencement order in the New Year", he added.
Under the Postal Act, communications regular ComReg will keep regulatory functions - including pricing oversight.