Hestia highlights recent support from proxy firms for boardroom change

Hestia Capital Management which is the third largest stockholder of Pitney Bowes commented on Institutional Shareholder Services and Glass, Lewis & Co.’s recommendations that Pitney Bowes’ stockholders support meaningful boardroom change at the Company’s 2023 Annual Meeting of Stockholders . As a reminder, Hestia has nominated five highly qualified and independent director candidates: Milena Alberti-Perez, Todd Everett, Katie May, Lance Rosenzweig and Kurt Wolf to Pitney Bowes’ nine-member Board of Directors. Kurt Wolf, the Founder and Chief Investment Officer of Hestia, commented: "We appreciate that ISS and Glass Lewis have endorsed our case for meaningful boardroom change and recommended stockholders vote for Hestia-nominated director candidates. Our five-member slate is incredibly excited about the opportunity to fix Pitney Bowes’ addressable issues and implement a plan to spur a value-enhancing turnaround for stockholders, employees, partners and customers. It has been a long decade of broken promises, large losses and limited accountability for a Chief Executive Officer who has filled the boardroom with allies and received more than $66 million in compensation for sustained failure. Fortunately, the Company’s core segments – SendTech and Presort – are exceptional businesses that can power a lasting turnaround once they are prioritized and no longer neglected at the expense of the perpetually mismanaged Global Ecommerce segment. Our slate believes Pitney Bowes will become a much more sustainable business once the Global Ecommerce segment stops hindering the Company’s credit profile, earnings and free cash flow. As S&P Global Ratings recently put it, "[t]he path to sustainable growth and EBITDA generation from the GEC segment-critical in our view to the long-term health of Pitney Bowes-remains muddled and once again delayed."