{"id":748443,"date":"2023-04-18T07:05:43","date_gmt":"2023-04-18T11:05:43","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pitney-bowes-files-investor-presentation-for-2023-annual-meeting-regarding-hestia-capitals-claims\/"},"modified":"2023-04-18T07:05:43","modified_gmt":"2023-04-18T11:05:43","slug":"pitney-bowes-files-investor-presentation-for-2023-annual-meeting-regarding-hestia-capitals-claims","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pitney-bowes-files-investor-presentation-for-2023-annual-meeting-regarding-hestia-capitals-claims\/","title":{"rendered":"Pitney Bowes Files Investor Presentation for 2023 Annual Meeting Regarding Hestia Capital\u2019s Claims"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignt { vertical-align: top }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Pitney Bowes Files Investor Presentation for 2023 Annual Meeting <\/b><b>Regarding Hestia Capital\u2019s Claims<\/b><\/p>\n<p class=\"bwalignc\"><i>Hestia Capital\u2019s Materials Demonstrate Lack of Understanding of Pitney Bowes\u2019 Business and Industry<\/i><\/p>\n<p class=\"bwalignc\"><i>Corrects the Claims Outlined in Hestia\u2019s Six \u201cValue Creation Pillars\u201d<\/i><\/p>\n<p class=\"bwalignc\"><i>Urges Shareholders to Vote FOR Pitney Bowes\u2019 Nominees and Katie May on the GOLD Proxy Card<\/i><\/p>\n<p>STAMFORD, Conn.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nPitney Bowes (the \u201cCompany\u201d) (NYSE:PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today issued the following statement:<\/p>\n<p>\nHestia Capital (\u201cHestia\u201d) recently issued an investor presentation consisting of misleading claims, wrong facts, and ill-conceived suggestions, which the Company believes demonstrate a lack of understanding of Pitney Bowes\u2019 business and a disregard for long-term value creation. Pitney Bowes filed an investor presentation with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) in connection with the Company\u2019s 2023 Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d) to be held on May 9, 2023 and in response to Hestia Capital\u2019s (\u201cHestia\u201d) misleading claims and value-destructive strategic plan for the Company. The full presentation can be found <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fvoteforpitneybowes.com%2Fshareholder-resources%2F&amp;esheet=53383017&amp;newsitemid=20230417005920&amp;lan=en-US&amp;anchor=here&amp;index=1&amp;md5=6890a5ae7196191820393ae7b71f8d91\">here<\/a>.<\/p>\n<p><b>Key Highlights of the Presentation<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Hestia\u2019s presentation outlines a highly misleading narrative meant to confuse investors. <\/b>Hestia\u2019s generic \u201cplan\u201d contains a laundry list of amorphous goals but lacks any specificity on timing or actions to take.\n<ul class=\"bwlistcircle\">\n<li><b>In contrast, Pitney Bowes\u2019 Board and management team have a clear path forward: <\/b>Pitney Bowes\u2019 leadership has driven a Company transformation and reorganized the business into three primary synergistic segments \u2013 SendTech, Presort, and Global Ecommerce (\u201cGEC\u201d) \u2013 which will simplify the mailing and shipping process in response to the demands of a rapidly changing business environment. The Company is focused on delivering real, sustainable value to shareholders.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Hestia\u2019s focus on unallocated costs is misleading, as those costs are only a subset of (not total) SG&amp;A, and Hestia compares Pitney Bowes to unrelated companies.<\/b>\n<ul class=\"bwlistcircle\">\n<li>\nIn fact, Pitney Bowes\u2019 SG&amp;A (including restatements) as a percentage of revenue was 25.6% in 2022, well within the 12\u201344% range of its Form 10K peers. Hestia decided to cherry-pick unrelated peers like J&amp;J, P&amp;G, PepsiCo, and Disney to fit a misleading narrative.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Hestia has vague or poorly thought-out proposals for Pitney Bowes\u2019 businesses<\/b>.\n<ul class=\"bwlistcircle\">\n<li>\nHestia\u2019s proposals for Pitney Bowes\u2019 GEC and SendTech businesses will drive down revenue and reduce shareholder value. Hestia proposes shrinking its assumed GEC domestic business size by ~50% to reduce sales by ~$600MM, which it claims will be mitigated by a \u201cplan\u201d that lacks detail and discipline.<\/p>\n<\/li>\n<li>\nIn Presort, the Company has always been, and continues to pursue, the strategy of tuck-in acquisitions, yet Hestia somehow thinks this is a new idea.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Hestia seeks to create a false urgency about our debt profile; in fact, our refinancings have carefully managed our maturities.<\/b>\n<ul class=\"bwlistcircle\">\n<li>\nOnly approximately $230 million of debt is coming due until March 2026, and Pitney Bowes has various options available to it to address that.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\nIn short, Hestia\u2019s so-called \u201cpillars\u201d are nothing of the kind and cannot justify the kind of radical change Hestia has advocated. Pitney Bowes\u2019 shareholders are instead encouraged to review the Company\u2019s investor presentation for a comprehensive update on the Company\u2019s business, and the Board of Directors who have instituted best-in-class governance and strategy oversight to realize long-term value creation at Pitney Bowes for all shareholders. The Company\u2019s investor presentation can be found <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fvoteforpitneybowes.com%2Fwp-content%2Fuploads%2F2023%2F04%2Fcommitted-to-shareholder-value-creation2.pdf&amp;esheet=53383017&amp;newsitemid=20230417005920&amp;lan=en-US&amp;anchor=here&amp;index=2&amp;md5=d5ecb5df16b5715d9c1a3ad8c607df45\">here<\/a>.<\/p>\n<p class=\"bwalignc\"><b>VOTE THE <span class=\"bwuline\">GOLD<\/span> PROXY CARD TODAY FOR ALL PITNEY BOWES\u2019 RECOMMENDED NOMINEES<\/b><\/p>\n<p>\nThe Board urges all shareholders to vote \u201cFOR\u201d all the nominees recommended by the Pitney Bowes Board (all eight Company nominees and the recommended Hestia nominee, Katie May) on the <b><span class=\"bwuline\">GOLD<\/span><\/b> proxy card today. All Pitney Bowes shareholders of record as of the close of business on March 10, 2023 are entitled to vote in connection with the Annual Meeting. Please vote <span class=\"bwuline\">TODAY<\/span> using one of the following methods:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Vote Online<br \/>\n<br \/><\/b>Go to the website identified on the enclosed <b><span class=\"bwuline\">GOLD<\/span><\/b> proxy card or voting instruction form.<\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Vote by Mail<br \/>\n<br \/><\/b>If you received your Annual Meeting material by mail, you also may choose to grant your proxy by completing, signing, dating, and returning the enclosed <b><span class=\"bwuline\">GOLD<\/span><\/b> proxy card.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nTo view the presentation, or for more information about the 2023 Annual Meeting, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.VoteforPitneyBowes.com&amp;esheet=53383017&amp;newsitemid=20230417005920&amp;lan=en-US&amp;anchor=www.VoteforPitneyBowes.com&amp;index=3&amp;md5=8deead1eeb35cf6e6141e44892aa67ac\">www.VoteforPitneyBowes.com<\/a>. Shareholders who have any questions or need assistance voting may contact the Company\u2019s proxy solicitor, Morrow Sodali LLC, toll-free at 1 (800) 662-5200.<\/p>\n<p><span class=\"bwuline\">About Pitney Bowes<\/span><\/p>\n<p>\nPitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For the latest news, corporate announcements and financial results visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.pitneybowes.com%2Fus%2Fnewsroom.html&amp;esheet=53383017&amp;newsitemid=20230417005920&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.pitneybowes.com%2Fus%2Fnewsroom.html&amp;index=4&amp;md5=cf9fd4f64e404f22683aa6187ecb8c31\">https:\/\/www.pitneybowes.com\/us\/newsroom.html<\/a>. For additional information visit Pitney Bowes at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pitneybowes.com&amp;esheet=53383017&amp;newsitemid=20230417005920&amp;lan=en-US&amp;anchor=www.pitneybowes.com&amp;index=5&amp;md5=1e7fff1f031f81207650f3a6a975bedd\">www.pitneybowes.com<\/a>.<\/p>\n<p><span class=\"bwuline\">Forward-Looking Statements<\/span><\/p>\n<p>\nThis document contains \u201cforward-looking statements\u201d about the Company\u2019s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about future revenue and earnings guidance and future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, we continue to navigate the impacts of the Covid-19 pandemic (Covid-19) as well as the risk of a global recession, and the effects that they may have on our and our clients\u2019 business. Other factors which could cause future financial performance to differ materially from expectations, and which may also be exacerbated by Covid-19 or the risk of a global recession or a negative change in the economy, include, without limitation, declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; the loss of, or significant changes to, United States Postal Service (USPS) commercial programs, or our contractual relationships with the USPS or USPS\u2019 performance under those contracts; our ability to continue to grow and manage volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; changes in labor and transportation availability and costs; and other factors as more fully outlined in the Company\u2019s 2022 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission (the \u201cSEC\u201d). Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.<\/p>\n<p><span class=\"bwuline\">Important Additional Information and Where to Find It<\/span><\/p>\n<p>\nPitney Bowes has filed a definitive proxy statement (the \u201cProxy Statement\u201d) and other documents with the SEC in connection with its solicitation of proxies from shareholders in respect of the Annual Meeting. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS, INCLUDING PITNEY BOWES\u2019 PROXY STATEMENT AND ANY AMENDMENTS AND SUPPLEMENTS THERETO AND THE ACCOMPANYING GOLD PROXY CARD, FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN, OR WILL CONTAIN, IMPORTANT INFORMATION ABOUT PITNEY BOWES. Shareholders may obtain free copies of the Proxy Statement and other relevant documents that Pitney Bowes files with the SEC and on Pitney Bowes\u2019 website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pitneybowes.com&amp;esheet=53383017&amp;newsitemid=20230417005920&amp;lan=en-US&amp;anchor=www.pitneybowes.com&amp;index=6&amp;md5=74463bb3ea5362bb372d9fada3d1061e\">www.pitneybowes.com<\/a> or from the SEC\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53383017&amp;newsitemid=20230417005920&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=7&amp;md5=dd3c293e0bf4248158c05aed84171d32\">www.sec.gov<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230417005920r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230417005920\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230417005920\/en\/<\/a><\/span><\/p>\n<p>\nEditorial &#8211;<br \/>\n<br \/>Bill Hughes<br \/>\n<br \/>Chief Communications Officer<br \/>\n<br \/>203.351.6785<\/p>\n<p>\nFinancial &#8211;<br \/>\n<br \/>Ned Zachar, CFA<br \/>\n<br \/>VP, Investor Relations<br \/>\n<br \/>203.614.1092<\/p>\n<p>\nAlex Brown<br \/>\n<br \/>Senior Manager, Investor Relations<br \/>\n<br \/>203.351.7639<\/p>\n<p><b>KEYWORDS:<\/b> Connecticut United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Finance Banking Small Business Professional Services Technology Supply Chain Management Retail Other Technology<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230417005920\/en\/451224\/3\/PBI_New_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Pitney Bowes Files Investor Presentation for 2023 Annual Meeting Regarding Hestia Capital\u2019s Claims Hestia Capital\u2019s Materials Demonstrate Lack of Understanding of Pitney Bowes\u2019 Business and Industry Corrects the Claims Outlined in Hestia\u2019s Six \u201cValue Creation Pillars\u201d Urges Shareholders to Vote FOR Pitney Bowes\u2019 Nominees and Katie May on the GOLD Proxy Card STAMFORD, Conn.&#8211;(BUSINESS WIRE)&#8211; Pitney Bowes (the \u201cCompany\u201d) (NYSE:PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today issued the following statement: Hestia Capital (\u201cHestia\u201d) recently issued an investor presentation consisting of misleading claims, wrong facts, and ill-conceived suggestions, which the Company believes demonstrate a lack of understanding of Pitney Bowes\u2019 business and a disregard for long-term value creation. Pitney Bowes filed an investor &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pitney-bowes-files-investor-presentation-for-2023-annual-meeting-regarding-hestia-capitals-claims\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pitney Bowes Files Investor Presentation for 2023 Annual Meeting Regarding Hestia Capital\u2019s Claims&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-748443","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pitney Bowes Files Investor Presentation for 2023 Annual Meeting Regarding Hestia Capital\u2019s Claims - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pitney-bowes-files-investor-presentation-for-2023-annual-meeting-regarding-hestia-capitals-claims\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pitney Bowes Files Investor Presentation for 2023 Annual Meeting Regarding Hestia Capital\u2019s Claims - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Pitney Bowes Files Investor Presentation for 2023 Annual Meeting Regarding Hestia Capital\u2019s Claims Hestia Capital\u2019s Materials Demonstrate Lack of Understanding of Pitney Bowes\u2019 Business and Industry Corrects the Claims Outlined in Hestia\u2019s Six \u201cValue Creation Pillars\u201d Urges Shareholders to Vote FOR Pitney Bowes\u2019 Nominees and Katie May on the GOLD Proxy Card STAMFORD, Conn.&#8211;(BUSINESS WIRE)&#8211; Pitney Bowes (the \u201cCompany\u201d) (NYSE:PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today issued the following statement: Hestia Capital (\u201cHestia\u201d) recently issued an investor presentation consisting of misleading claims, wrong facts, and ill-conceived suggestions, which the Company believes demonstrate a lack of understanding of Pitney Bowes\u2019 business and a disregard for long-term value creation. 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