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Hestia Capital Releases Presentation Detailing the Urgent Need for Changes in Leadership and Strategy at Pitney Bowes
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Hestia Capital Management, the third largest stockholder of Pitney Bowes (NYSE: PBI) with an 8.5% ownership stake, has announced a presentation advocating for significant changes in the company's boardroom. Hestia is urging stockholders to support its five independent director candidates at the upcoming Annual Meeting on May 9, 2023. The firm believes that implementing their comprehensive six-pillar plan could potentially increase Pitney Bowes' stock price to over $15 and enhance its credit profile. Hestia's initiative reflects a strategic move to address perceived mismanagement and promote sustainable value creation.
Positive
Hestia Capital holds a substantial 8.5% stake in Pitney Bowes, indicating significant investment confidence.
The proposed six-pillar plan aims for a stock price target of $15+, suggesting a potential value-enhancing strategy.
The effort to elect five independent director candidates could lead to improved governance and operational strategies.
Negative
None.
Visit www.TransformPBI.com to Download a Copy of the Presentation and Obtain Information About How to Vote on the WHITE Universal Proxy Card
PITTSBURGH--(BUSINESS WIRE)--
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and has a beneficial ownership position of 8.5% of the Company’s outstanding common stock, today announced that it has issued a presentation that details the urgent need for boardroom change and opportunity for a sustainable, value-enhancing turnaround. Notably, Hestia’s director candidates have prepared a comprehensive six-pillar plan that targets a $15+ stock price in the coming years, which they believe will also help improve the Company’s credit profile. The six-pillar plan can be viewed at the following link: bit.ly/TransformPitneyBowes.
As a reminder, Hestia is seeking to elect five highly qualified and independent candidates to Pitney Bowes’ nine-member Board of Directors (the “Board”) at the Annual Meeting of Stockholders (the “Annual Meeting”) on May 9, 2023. To maximize the likelihood of a turnaround at Pitney Bowes, we urge you to vote for Hestia’s full slate on the WHITE universal proxy card or WHITE voting instruction form. Visit www.TransformPBI.com to download a copy of the presentation and sign up for future updates.
About Hestia Capital
Hestia Capital is a long-term focused, deep value investment firm that typically makes investments in a narrow selection of companies facing company-specific, and/or industry, disruptions. Hestia seeks to leverage its General Partner’s expertise in competitive strategy, operations and capital markets to identify attractive situations within this universe of disrupted companies. These companies are often misunderstood by the general investing community or suffer from mismanagement, which we reasonably expect to be corrected, and provide the ‘price dislocations’ which allows Hestia to identify, and invest in, highly attractive risk/reward investment opportunities.
Saratoga Proxy Consulting LLC John Ferguson / Joe Mills, 212-257-1311
info@saratogaproxy.com
Source: Hestia Capital Management, LLC
FAQ
What is the significance of Hestia Capital's presentation regarding Pitney Bowes (NYSE: PBI)?
Hestia Capital's presentation highlights the urgent need for boardroom changes at Pitney Bowes, aiming for a turnaround that could improve the company's stock value.
When is the Annual Meeting for Pitney Bowes stockholders?
The Annual Meeting for Pitney Bowes stockholders is scheduled for May 9, 2023.
What are Hestia Capital's goals for Pitney Bowes?
Hestia Capital aims to implement a six-pillar plan that targets enhancing the stock price to over $15 and improving the company's credit profile.
How much of Pitney Bowes' stock does Hestia Capital own?
Hestia Capital owns 8.5% of the outstanding common stock of Pitney Bowes.
