Hestia Capital Thanks Fellow Stockholders for Their Support at Pitney Bowes’ 2023 Annual Meeting
09 Maio 2023 - 10:45AM
Business Wire
Announces Stockholders Voted to Elect Four
Hestia-Nominated Director Candidates to the Company’s Nine-Member
Board
Appreciates Stockholders for Providing a
Clear Mandate for Constructive, Positive Change
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 holds a 9.1% stake, today commented on the
outcome of the Company’s 2023 Annual Meeting of Stockholders (the
“Annual Meeting”). At the Annual Meeting, stockholders voted to
elect four of Hestia’s highly qualified and independent candidates
– Milena Alberti-Perez, Todd Everett, Katie May and Kurt Wolf – to
the Company’s nine-member Board of Directors (the “Board”).
Mr. Wolf, the Founder and Chief Investment Officer of Hestia,
stated:
“We greatly appreciate our fellow stockholders for voting to
elect four Hestia-nominated director candidates at this year’s
Annual Meeting. We also want to thank the many stockholders who
took the time to engage in thoughtful two-way conversations with us
in recent weeks and months. That engagement will benefit the four
of us as we enter the boardroom and start working with the
incumbent directors to spur a value-generating turnaround at Pitney
Bowes. Now that this election contest is over, all of our time can
be devoted to strengthening the Company. Our slate believes it has
been given a mandate for constructive, positive change – and we
look forward to working with our fellow directors to deliver on
that mandate over the near-term and long-term.
On a personal note, I want to take this opportunity to thank the
departing directors for their commitment and years of service to
Pitney Bowes. Along with the remaining directors, they have been
true champions of Pitney Bowes and its storied brand.
I also want to conclude by reaffirming that I will not be
accepting Board fees or seeking expense reimbursement for costs
incurred in recent months, to ensure that my interests are
perfectly aligned with my fellow stockholders. This was a pledge I
made to my fellow stockholders, and one that I will absolutely
keep.”
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230509005835/en/
Longacre Square Partners Charlotte Kiaie / Miller Winston,
646-386-0091 hestia@longacresquare.com
Saratoga Proxy Consulting LLC John Ferguson / Joe Mills,
212-257-1311 info@saratogaproxy.com
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