Pitney Bowes Inc. has recently made some significant changes in its leadership and organizational structure, as well as announced actions regarding its financial services business. These developments are part of the initial phase of the company's strategic review, which was initiated earlier this year.
The company has appointed Todd Everett as the Executive Vice President and President of Sending Technology Solutions ("SendTech"). Mr. Everett, who has approximately three decades of experience in logistics, shipping, and technology, is expected to leverage his operational excellence and knowledge of the shipping software space to drive profitable growth for SendTech. This appointment follows Mr. Everett's prior role as CEO of Newgistics, Inc., which was acquired by Pitney Bowes in 2017 for $475 million.
In addition to Mr. Everett's appointment, Wayne Walker has joined the company's Board as an Independent Member. Mr. Walker, with a background in finance, law, and organizational transformations, is expected to bring valuable expertise to the Board as the company undergoes strategic changes.
Furthermore, Pitney Bowes has announced an update on its Pitney Bowes Bank ("PB Bank") and Global Financial Services ("GFS"). Effective immediately, leadership of PB Bank will report directly to CEO Kurt Wolf, and other GFS leadership will report directly to CFO Paul Evans or SVP of Information Technology and Security Wes Kirschner. This interim reporting structure is aimed at maximizing the value of both the bank and non-bank components of GFS, following the resignation of Christopher Johnson, who previously served as SVP and President of GFS.
According to Kurt Wolf, CEO of Pitney Bowes, the company's strategic actions, including the leadership appointments and organizational changes, are part of an effort to realize the full potential of its businesses and deliver greater value to shareholders and stakeholders. Todd Everett, in his new role, expressed his excitement about working with the team to establish a sustainable and profitable growth trajectory for SendTech.
These recent developments mark a significant shift in Pitney Bowes' leadership and organizational focus as it continues to navigate the evolving landscape of technology-driven products and services, shipping solutions, and financial services for clients globally. As a result of these announcements, the company's shares have moved 0.53% on the market, and are now trading at a price of $11.43. For more information, read the company's full 8-K submission here.
