Pitney Bowes Inc. - PBI STOCK NEWS

Hestia Capital Management, holding 8.5% of Pitney Bowes' outstanding shares, is advocating for changes in the company's leadership to enhance profitability. Hestia plans to elect five independent candidates to the nine-member Board of Directors during the 2023 Annual Meeting. This initiative is driven by the belief that Pitney Bowes has suffered due to a failed strategy, causing a 50% decline in share price and a 90% drop in free cash flow over the past decade. Hestia aims to restore the company as a leader in postage and parcel services, emphasizing the importance of employee stability and maintaining dividends while reducing debt.

Pitney Bowes is urging shareholders to support its board nominees at the upcoming Annual Meeting on May 9, 2023. The company has appointed two new directors and is recommending Hestia nominee Katie May. Pitney Bowes claims that Hestia’s candidates lack relevant experience, particularly in shipping and logistics, and would destabilize the board, risking shareholder value. The current board has undergone significant refreshment, adding six independent directors since 2018. Hestia has been criticized for its inconsistent strategies and for proposing Lance Rosenzweig as CEO, whom the board deems unqualified. Pitney Bowes argues that their nominees are better equipped to ensure long-term success, with an average director tenure of 5.1 years compared to 0.9 years if Hestia’s slate is elected.

Pitney Bowes (NYSE: PBI) has released its 2022 Parcel Shipping Index, showing a 2% decline in parcel volumes to 21.2 billion, although this figure surpassed pre-pandemic forecasts. Carrier revenues reached a record $198 billion, a 6.5% increase from $186 billion in 2021. Predictions indicate a 5% CAGR for parcel volume through 2028. Daily shipments averaged 58 million parcels, while per capita volume slightly decreased from 65 to 64. Notably, revenues from smaller carriers grew by 29%.

Pitney Bowes (NYSE:PBI) has issued a letter urging shareholders to vote for its Board nominees, including Hestia Capital nominee Katie May, ahead of the Annual Meeting on May 9, 2023. The letter criticizes Hestia's attempts to take control of the Board, stating they lack a coherent strategy and any proposed CEO candidate. The company claims its ten-year transformation has strengthened its business portfolio and is nearing profitable growth, despite facing challenges in a declining market. Pitney Bowes emphasizes strong corporate governance and board diversity, asserting that electing Hestia's slate could destabilize the Company.

Pitney Bowes (NYSE: PBI) has announced its participation in the Sidoti Virtual Conference on March 22-23, 2023. Key executives, including Ned Zachar and Alex Brown, will engage with investors through presentations and one-on-one meetings. The group presentation is set for March 23 at 1:45 pm, with a webcast available on the company's investor relations page. Pitney Bowes provides technology, logistics, and financial services to a vast clientele, including over 90% of the Fortune 500, thereby simplifying mailing and shipping operations.

Pitney Bowes Inc. (NYSE: PBI) has released its 2022 Order Experience Index, detailing the evolving consumer expectations in ecommerce from checkout to returns.

Key findings include that 62% of consumers prioritize accurate delivery dates over fast shipping, while convenience is the primary reason for online shopping. Retailers also face challenges with sustainability and return cost management. Notably, returns account for an average of 21% of order value, prompting many to seek solutions to reduce transportation and processing expenses.

Hestia Capital Management has filed a definitive proxy statement with the U.S. Securities and Exchange Commission regarding Pitney Bowes' upcoming Annual Meeting of Stockholders on May 9, 2023. As the third-largest shareholder with an 8.4% stake, Hestia aims to influence boardroom changes. They have also sent a letter to stockholders, available for download. Investors can learn how to vote for Hestia’s five director candidates via the WHITE proxy card by visiting TransformPitneyBowes.com, which includes additional details about the campaign.

Pitney Bowes (NYSE:PBI) announced the filing of its definitive proxy statement and GOLD proxy card for the 2023 Annual Meeting of Shareholders, scheduled for May 9, 2023. The Board urges all shareholders to vote to counter an activist hedge fund, Hestia Capital, which seeks to gain control of the Board and remove the CEO. The letter emphasizes the Company’s transformation from decline to growth, highlighting a revenue CAGR improvement from -8.6% to 4.9% over a decade and significant debt reduction of $1.7 billion. Shareholders can find more details on voting at www.VoteforPitneyBowes.com.

Pitney Bowes (NYSE: PBI), a leading global shipping and mailing company, will participate in the 2023 J.P. Morgan Global High Yield & Leveraged Finance Conference on March 6, 2023, in Miami Beach, Florida. The event will feature a presentation by key executives including Ana Chadwick, CFO, and others at 8:30 a.m. ET. Investors can access the presentation on the company's investor relations website, although it will not be available via webcast. Pitney Bowes serves over 90% of the Fortune 500, providing technology, logistics, and financial services to a diverse range of clients worldwide.