Pitney Bowes Announces Leadership Transition in Global Ecommerce Segment

Rhea-AI Summary

Pitney Bowes (NYSE: PBI) announced the immediate retirement of Gregg Zegras, President of its Global Ecommerce segment. Zegras, who joined the company in 2013, has held multiple senior roles, including Chief Commercial Officer. Pitney Bowes expressed gratitude for his years of service. This leadership change coincides with the final stages of a strategic review aimed at addressing ongoing losses in the Global Ecommerce segment. Current personnel will temporarily manage Zegras' responsibilities. Further details on the strategic review were shared in the company's May 22, 2024, announcement.

Positive

• Potential for fresh strategic direction in the Global Ecommerce segment.
• Cost-saving measures by reallocating existing personnel to absorb responsibilities.

Negative

• Uncertainty about the future leadership and strategic direction of the Global Ecommerce segment.
• Ongoing losses in the Global Ecommerce segment indicate financial instability.

STAMFORD, Conn.--(BUSINESS WIRE)-- Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a global shipping and mailing company that provides technology, logistics and financial services, today announced that Gregg Zegras has retired as President of the Company’s Global Ecommerce segment, effective immediately. After joining Pitney Bowes in 2013, Mr. Zegras served as Chief Commercial Officer and held other senior roles. The Company thanks Mr. Zegras for his many years of dedication and service and wishes him the best in his future endeavors.

As previously disclosed, Pitney Bowes is in the final stages of its strategic review of the Global Ecommerce segment. The purpose of the review is to identify alternatives that can eliminate ongoing losses within the segment. Additional details about this initiative and other strategic priorities can be found in the Company’s May 22, 2024 announcement.

As the Company continues its strategic review, existing personnel are expected to absorb the duties and responsibilities associated with the role.

About Pitney Bowes

Pitney Bowes 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 announcements and financial results, visit https://www.pitneybowes.com/us/newsroom.html. For additional information, visit Pitney Bowes at www.pitneybowes.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240702495769/en/

For Media:

Kathleen Raymond, 203.351.7233

kathleen.raymond@pb.com

or

pitneybowes@longacresquare.com

For Investors:

Alex Brown, 203.351.7639

investorrelations@pb.com

Source: Pitney Bowes Inc.

FAQ

Why did Gregg Zegras retire from Pitney Bowes?

Gregg Zegras retired from his role as President of Pitney Bowes' Global Ecommerce segment, effective immediately. The company expressed gratitude for his service.

What is the impact of Gregg Zegras' retirement on Pitney Bowes?

The retirement of Gregg Zegras comes as Pitney Bowes is conducting a strategic review of its Global Ecommerce segment. Existing personnel will temporarily take over his responsibilities.

What is the strategic review mentioned in Pitney Bowes' announcement?

Pitney Bowes is in the final stages of a strategic review aimed at identifying alternatives to eliminate ongoing losses in its Global Ecommerce segment.

How is Pitney Bowes addressing ongoing losses in its Global Ecommerce segment?

Pitney Bowes is conducting a strategic review to identify alternatives for eliminating ongoing losses in the Global Ecommerce segment. Existing personnel will manage the responsibilities following the retirement of Gregg Zegras.