PBI - Why Pitney Bowes Stock Soared 24% This Week
2023-10-05 18:38:00 ET
Shares of Pitney Bowes (NYSE: PBI) are up 23.5% this week, according to data provided by S&P Global Market Intelligence , as the market cheered the appointment of a new interim CEO.
To be sure, the postage-meter and mailing-equipment specialist has steadily climbed this week since announcing a "leadership transition" on Monday. That transition started with the immediate resignation of Marc Lautenbach from his position as CEO and from the company's board of directors. Mr. Lautenbach had been under pressure amid a proxy fight brought by large investor Hestia Capital Management, which holds a more than 9% stake in the company. Hestia, for its part, had repeatedly called for Lautenbach's ouster, arguing he was largely responsible for Pitney Bowes' recent struggles and lagging share price.
Lautenbach stated:
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Why Pitney Bowes Stock Soared 24% This Week