Boardroom Shuffle at Pitney Bowes Should Put Hestia Capital’s Plans in Motion
By Karen Roman
Almost a year after successfully electing four directors at the 2023 annual meeting of Pitney Bowes Inc. (NYSE: PBI), Hestia Capital will have its nominees stand as the sole candidates for election at the upcoming annual meeting next month. The company announced all directors appointed during the time of former CEO Marc Lautenbach will step down next month.
Pitney Bowes also revealed that Lance Rosenzweig, Hestia’s former CEO candidate, will join the company’s newly structured five-member board, initially serving as director. CorpGov exclusively reported on Rosenzweig’s plans for the company last year.
The company’s proxy statement also disclosed the appointment of Jill Sutton, a former executive at General Motors and United Natural Foods, as the next independent chair.
Pitney Bowes is in the process of searching for a new CEO and CFO, with the expectation that decisions will be made by the reconstituted board.
During its proxy contest last year, Hestia advocated for reducing corporate expenses, divesting from the Global Ecommerce segment, and focusing on mail sorting and shipping operations.
Hestia’s proposed initiatives included unlocking a minimum of $200 million in restricted funds and accelerating debt repayment. A presentation released by Hestia’s slate outlined a potential increase in the price per share to between $12 and $15, an improvement from the company’s current share price of approximately $4.
Starting next month, Hestia’s Kurt Wolf and the independent directors he introduced will be able to implement the shareholder-approved strategy.
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