Pitney Bowes shareholders poised to elect four Hestia Capital board candidates

Pitney Bowes

09/05/2023 14:19

(Adds details on election outcome)
    By Svea Herbst-Bayliss
       NEW YORK, May 9 (Reuters) - Pitney Bowes Inc  PBI.N 
shareholders are poised to elect four director candidates
proposed by Hestia Capital Management amid a board room
challenge that criticized the shipping and mailing company's
capital allocation and lagging share price, two people familiar
with the matter said on Tuesday.
        Hestia, which owns 8.5% of the company, nominated five
candidates and pushed for the company to explore alternative
strategies for the global ecommerce segment and to focus on
cash-generating segments like Presort Services, its mail
aggregation business, and SendTech Solutions, its postage meter
business.
  
        Hestia also said that it wanted to replace Marc
Lautenbach, the company's chief executive officer.
  
        Shareholders are expected to elect Katie May plus
Hestia's founder and portfolio manager, Kurt Wolf and two
others, the people said.
  
        The company added two new directors in March, said three
incumbent directors would leave, and backed the election of
dissident nominee May. 
  

 (Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)
 ((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))