Pitney Bowes appoints activist investor as new CEO
Pitney Bowes
Kurt Wolf, new CEO of Pitney Bowes.
Stamford-based Pitney Bowes Inc. has appointed Kurt Wolf, an activist investor, as its new CEO.
The company, which provides shipping and other services for corporate customers and is headquartered at 3001 Summer St., announced Thursday that Wolf’s appointment by the board of directors has taken effect immediately.
“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,” he said.
Wolf, who is the founder of Hestia Capital Management, and three other nominees from Hestia, joined Pitney Bowes’ board in 2023 following a proxy battle, MSNBC reported.
Hestia wanted a new board to explore alternative strategies for the company's global e-commerce business and focus on cash-generating segments like its mail aggregation and postage meter businesses, Reuters reported.
Wolf replaces Lance Rozenweig, who stepped down to retire, but will continue to work with the company as a consultant.
Rozenweig was named the company’s permanent CEO less than a year ago, in October 2024.
“The board determined that Mr. Wolf, who is an architect of Pitney Bowes’ turnaround and a major shareholder, is best positioned to refine the company’s strategy, effectively allocate capital, and empower and support the organization’s talented business leaders and employees,” Pitney Bowes said.
Pitney Bowes during the first quarter of 2025 reported a 5% decline in revenues, to $493 million, but a profit of $35.4 million, reversing a $2.9 million loss in the year-ago period.
Since Wolf joined the board and subsequently became chairman of the value enhancement committee, Pitney Bowes’ total shareholder returns have exceeded 200%, the company said.
Pitney Bowes said Wolf will lead a comprehensive strategic review over the rest of 2025 that will be supported by independent advisors and intended to produce a clear strategy for maximizing the company’s value for shareholders and other stakeholders.
The company will also establish a new executive planning group consisting of Shemin Nurmohamed, executive vice president of sending technology solutions; Debbie Pfeiffer, executive vice president and president of presort services; Christopher Johnson, senior vice president and president of global financial services; Lauren Freeman-Bosworth, executive vice president, general counsel and corporate secretary; and Robert Gold, executive vice president, chief financial officer and treasurer.
Pitney Bowes also announced that, based on its strong outlook for free cash flow and other financial metrics, it intends to repurchase $150 million in shares in 2025.
Pitney Bowes’ shares, which trade on the New York Stock Exchange, gained 5.77% to $9.63 in Thursday’s early-morning trading.
As of Dec. 31, 2024, Pitney Bowes said it employed 7,200 workers, with 78% located in the U.S. That was down from 10,500 workers reported a year earlier.
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