PBI - Pitney Bowes gains as proxy adviser ISS backs Hestia board nominees
2023-04-27 13:10:29 ET
- Pitney Bowes ( NYSE: PBI ) rose 1.8% as proxy adviser ISS recommended that shareholders back investor Hestia Capital Management's board nominees.
- Influential proxy adviser recommended that Pitney Bowes ( PBI ) holders vote to elect four of Hestia's nominees, the investor said in a statement.
- The ISS recommendation come as Hestia, which has an 8.4% stake in Pitney Bowes, announced its intention t o file a preliminary proxy stateme nt to nominate directors in late February. Hestia is nominating 5 new directors . The shareholder vote is scheduled for May 9.
- “In summary, shareholders have endured a decade of underperformance and disappointment, there are unanswered questions and serious concerns about the path forward ..." ISS said in its report, according to the Hestia's press release.
- Hestia first disclosed its stake in Pitney Bowes ( PBI ) in November and reportedly had some discussions with the company and suggested a sale of some its underperforming businesses.
- "We strongly disagree with ISS’ voting recommendation, which we believe would result in an extreme and destabilizing level of change at Pitney Bowes," Pitney Bowes ( PBI ) said in a statement on Thursday.
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Pitney Bowes gains as proxy adviser ISS backs Hestia board nominees