PBI - Pitney Bowes holder Hestia Capital unveils proposed interim CEO

2023-04-04 14:53:34 ET

Pitney Bowes holder Hestia Capital disclosed an interim CEO candidate for the company as it continues its proxy battle with the company.

Hestia Capital, which has an 8.4% stake in Pitney Bowes and is the third largest holder, plans to push for Lance Rozensweig as its interim CEO, according to a website for the investor's proxy fight.

Rozensweig unveiled his turnaround stratregy for company that targets a $15+ stock price in the coming years, according to a letter to shareholders on Tuesday.

Hestia Capital announced its intention t o file a preliminary proxy statement and accompanying universal proxy card to nominate directors on in late February. Hestia is nominating 7 new directors and a new interim CEO.

"There is an urgent need for a new, turnaround-centric strategy at Pitney Bowes in light of the $1.7 billon in debt maturing in the next years and long-term decline in share price," Rozensweig wrote in the letter.

Pitney Bowes ( NYSE: PBI ) shares ticked down 0.5%. The stock has gained 6.3% since 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.

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