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Pitney Bowes is now on its fourth CEO in three years, with the activist investor that started it all usurping the head of the table.
Hestia Capital founder Kurtis Wolf, who has been a Pitney Bowes board member since May 2023 after the hedge fund won a proxy fight with the shipping and mailing company, took on the president and CEO mantle, the firm announced Wednesday.
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Wolf succeeds Lance Rosenzweig, who is retiring from his CEO and director roles to become a consultant to the company through September. Rosenzweig took on the interim CEO role last May, replacing Jason Dies.
As CEO, Wolf and multiple unnamed independent advisors to the business will conduct a strategic review of the company to determine how to maximize shareholder value.
A Bloomberg report on Wolf’s appointment, which went to print ahead of Pitney Bowes’ official announcement, indicated that the review would assess potential acquisitions or divestitures for the business.
Pitney Bowes will also establish a new executive planning group that is designed to ensure each of the company’s independent businesses—such as letter mailing and parcel shipping software solution SendTech and mail sorting and distribution service Presort—has the access and resources to improve cash flow, profitability and customer service.
“The company believes that establishing the EPG will enable key leaders to have stronger connectivity with the CEO, enabling them to run businesses in an autonomous, efficient manner,” the statement reads.
The group will include five of Pitney’s top execs, including: Shemin Nurmohamed, EVP and president, Sending Technology Solutions; Debbie Pfeiffer, EVP and president, Presort Services; Christopher Johnson, SVP and president, global financial services; Lauren Freeman-Bosworth, EVP, general counsel and corporate secretary; and Robert Gold, EVP, chief financial officer and treasurer.
“Looking ahead, my agenda is simple: Set a clear strategy to effectively allocate capital and ensure our people are supported so they can deliver profitable services for one of the world’s most enviable client bases,” said Wolf in a statement. “After spending several years getting to know every facet of this organization, I am excited to apply that knowledge to helping propel careers and unlocking value. There is so much opportunity at Pitney Bowes, and we have the right business leaders and employees to realize the potential in front of us.”