Hestia issues letter to Pitney Bowes from proposed interim CEO Rosenzweig

Hestia Capital Management , which is the third largest stockholder of Pitney Bowes, Bowes and has a beneficial ownership position of 8.4% of the Company’s outstanding common stock, issued a letter to fellow stockholders from Lance Rosenzweig, who is the firm’s proposed interim Chief Executive Officer and a proven turnaround expert in the ecommerce and technology service industries. "Hestia is seeking to elect five highly qualified and independent candidates to Pitney Bowes’ nine-member Board of Directors at the 2023 Annual Meeting of Stockholders . To maximize the likelihood of a turnaround at Pitney Bowes, we urge you to vote for Hestia’s full slate on the WHITE proxy card or WHITE voting instruction form. I am writing to introduce myself and underscore the importance of this year’s Annual Meeting, where you can vote to elect five Hestia-nominated director candidates that have spent months diagnosing Pitney Bowes’ challenges and developing a turnaround strategy that targets a $15+ stock price in the coming years. The Hestia slate believes that immediate changes in leadership and strategy are needed at Pitney Bowes in light of the following: An 80% decline in stockholder value over the past eight years; Unsustainable losses within the Company’s Global Ecommerce segment; No articulated plan to address the $1.7B in debt maturing over the next six years… While Pitney Bowes appears to be in critical condition today, I am excited by the prospect of becoming interim Chief Executive Officer and drawing on my turnaround experience to stabilize the organization and set it on a path to long-term value creation. The Company has attractive assets, cash-generating segments, dedicated and talented employees, and a storied brand that can once again be the envy of the mailing and shipping worlds. These will be the pillars of the turnaround strategy which I intend to help a reconstituted Board implement."