{"id":742678,"date":"2023-03-27T07:03:51","date_gmt":"2023-03-27T11:03:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pitney-bowes-board-of-directors-issues-letter-to-shareholders\/"},"modified":"2023-03-27T07:03:51","modified_gmt":"2023-03-27T11:03:51","slug":"pitney-bowes-board-of-directors-issues-letter-to-shareholders","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pitney-bowes-board-of-directors-issues-letter-to-shareholders\/","title":{"rendered":"Pitney Bowes Board of Directors Issues Letter to Shareholders"},"content":{"rendered":"

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Pitney Bowes Board of Directors Issues Letter to Shareholders<\/b><\/p>\n

Shareholders Urged to Vote FOR all of Pitney Bowes\u2019 Experienced and Qualified Directors and Katie May on the GOLD Proxy Card<\/i><\/p>\n

STAMFORD, Conn.–(BUSINESS WIRE<\/a>)–
\nPitney Bowes (NYSE:PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today issued a letter to Pitney Bowes shareholders in connection with the Company\u2019s 2023 Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d) to be held on May 9, 2023. All Pitney Bowes shareholders of record as of the close of business on March 10, 2023 will be entitled to vote at the Annual Meeting.\n<\/p>\n

\nFor information about the Annual Meeting, please visit: www.VoteforPitneyBowes.com<\/a><\/p>\n

\nThe full text of the letter follows.\n<\/p>\n

\nDear Fellow Shareholder,\n<\/p>\n

\nYour vote at the upcoming Annual Meeting of Pitney Bowes on May 9, 2023 (the \u201cAnnual Meeting\u201d) is more important than ever. We urge you to support your Board by voting the GOLD<\/span> proxy card today \u201cFOR\u201d all Pitney Bowes nominees as well as Hestia nominee Katie May.<\/b><\/p>\n

\nAs you know, Hestia Capital (\u201cHestia\u201d), is seeking to gain control of the Board of Directors (the \u201cBoard\u201d) and remove our Chief Executive Officer (CEO) in an unnecessary proxy contest, which jeopardizes our strategic progress over the past decade. Hestia has made an ever-changing series of demands, failed to articulate any coherent strategic thesis, and has yet to present a replacement CEO candidate. Hestia\u2019s entire conduct suggests that the election of its slate would destabilize the Company, to the detriment of our shareholders and the future of Pitney Bowes. In its attempts to garner votes, Hestia has recently promoted a series of misleading and inaccurate narratives regarding our Board, management team, the strategic direction of our Company, as well as their own slate of director nominees and their qualifications. We encourage all shareholders to disregard Hestia\u2019s falsehoods<\/span> and learn the actual facts from the Company.\n<\/p>\n

Our transformation roadmap: 2012 \u2013 2023<\/b><\/p>\n

\nAt the time Marc Lautenbach was appointed CEO in December 2012, Pitney Bowes had a portfolio of disjointed businesses in decline, several of which were suffering from lack of investment in their product lines. As a result, management focused its attention on making the necessary divestments and investments to restructure and simplify the portfolio and position the Company for sustainable, long-term success.\n<\/p>\n

\nSince then, our strategic actions have resulted in tangible growth, which positions Pitney Bowes to create long-term shareholder value and become a leader in the \u2018ship and mail\u2019 business. While this transformational process has taken longer than expected, Pitney Bowes today has a coherent and synergistic business portfolio centered on reducing the complexity of shipping and mailing for our clients.\n<\/p>\n

\nOur progress reflects the typical process of transforming a company in secular decline: some early wins, a period of prolonged investment, revenue growth, and the final stage we are approaching\u2014profitable revenue growth. We are confident that we will soon realize the benefits of our transformation and deliver significant value to you, our shareholders.\n<\/p>\n

Pitney Bowes has outstanding corporate governance practices and a strong, engaged, and diverse Board, with a balanced mix of experience, skills, and leadership expertise.<\/b><\/p>\n\n\n
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Approach to Board Composition<\/span><\/p>\n

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  1. \nBoard composition is reviewed regularly, with the goal of aligning the skills and expertise of our directors with Pitney Bowes\u2019 long-term strategy.\n<\/li>\n
  2. \nRegular cadence of independent review of our Board members by outside advisors.\n<\/li>\n
  3. \nThe Board\u2019s approach is to have a mix of shorter, medium, and longer tenured directors.\n<\/li>\n
  4. \nA robust director search process resulted in new directors with highly relevant qualifications to increase shareholder value and enhance the Board\u2019s ability to oversee Pitney Bowes\u2019 transition and long-term strategy, including:<\/p>\n
      \n
    • \nportfolio simplification\n<\/li>\n
    • \ndebt reduction\n<\/li>\n
    • \ndevelopment of GEC\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n

      \n\u00a0\n<\/p>\n<\/td>\n

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Recent Refreshments<\/span><\/p>\n

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