Pitney Bowes Initiates Second Phase of Strategic Review
Pitney Bowes is initiating the second phase of its strategic review process. This phase will involve the Company's Board of Directors and its newly formed Strategic Review Committee working with independent advisors to assess leadership's existing value creation plan relative to a full range of strategic alternatives, including acquisitions, divestitures, partnerships, and a full sale. The Committee is comprised of the Board's independent members. Brent Rosenthal, Independent Chair of the Board, commented: "After completing a top-to-bottom assessment of the organization that we believe will continue driving improvements, we are proceeding to the planned second phase of the Company's strategic review. We intend to fulfill our prior commitment to rigorously evaluate a full spectrum of strategic alternatives. To accomplish this, we will leverage the Board's significant experience in capital allocation, public and private investments, and transactions. We will also draw on the independent insight and resources of highly qualified outside advisors. It is important to highlight that CEO Kurt Wolf and our terrific 6,000+ team members have put Pitney Bowes on a strong, value-generating trajectory. Since Kurt and other new leaders stepped into their roles, we have made significant progress on our transformation and increased momentum throughout the organization. The results have included a strengthened balance sheet, significantly improved cash flow and earnings, enhanced financial flexibility, and stronger returns for all of our investors. Given these factors, we are going to be disciplined when contemplating any shifts in strategy or considering any transactions during the coming months. Pitney Bowes is operating from a position of strength."
