Articles from Hestia Capital Management, LLC

Hestia Capital Management Discloses Additional Information Regarding 10b5-1 Plan at Pitney Bowes
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), a large shareholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), today provided additional detail on its Managing Member’s 10b5-1 Plan (the “Plan”) at the Company. Hestia’s Managing Member, Kurt Wolf, has served on Pitney Bowes’ Board of Directors since 2023 and intends to be a long-serving director and shareholder. Mr. Wolf recently put in place a Plan that is structurally similar to ones established by directors, including those who run investment management firms, at other public companies.
By Hestia Capital Management, LLC · Via Business Wire · December 3, 2024
Hestia Capital Thanks Fellow Stockholders for Their Support at Pitney Bowes’ 2023 Annual Meeting
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and holds a 9.1% stake, today commented on the outcome of the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”). At the Annual Meeting, stockholders voted to elect four of Hestia’s highly qualified and independent candidates – Milena Alberti-Perez, Todd Everett, Katie May and Kurt Wolf – to the Company’s nine-member Board of Directors (the “Board”).
Hestia Capital Highlights That Egan-Jones Joins ISS and Glass Lewis in Recommending Stockholders Vote FOR Meaningful Boardroom Change at Pitney Bowes
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and holds a 9.1% stake, today announced that all three independent proxy advisory firms – Egan-Jones Proxy Services (“Egan-Jones”), Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co. (“Glass Lewis”) – are recommending that the Company’s stockholders vote for meaningful boardroom change at the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”).1 Notably, Egan-Jones is recommending that stockholders vote to elect all five of Hestia’s director candidates to the Company’s nine-member Board of Directors (the “Board”) at the Annual Meeting. Hestia’s five highly qualified and independent director candidates are Milena Alberti-Perez, Todd Everett, Katie May, Lance Rosenzweig and Kurt Wolf.
Hestia Capital Highlights Recent Support from Two Leading Independent Proxy Advisory Firms
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), today commented on Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co.’s (“Glass Lewis”) recommendations that Pitney Bowes’ stockholders support meaningful boardroom change at the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”). As a reminder, Hestia has nominated five highly qualified and independent director candidates: Milena Alberti-Perez, Todd Everett, Katie May, Lance Rosenzweig and Kurt Wolf to Pitney Bowes’ nine-member Board of Directors (the “Board”).
ISS Recommends Stockholders of Pitney Bowes Vote FOR Meaningful Board Changes Proposed by Hestia Capital
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and has a beneficial ownership position of 8.5% of the Company’s outstanding common stock, today announced that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, has recommended that Pitney Bowes’ stockholders support meaningful boardroom change by voting for Milena Alberti-Perez, Todd Everett, Katie May and Kurt Wolf at the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”). All four individuals were nominated by Hestia.
By Hestia Capital Management, LLC · Via Business Wire · April 27, 2023
Hestia Capital Issues Statement From its Unaffiliated Director Candidates and Shares Key Facts to Reinforce the Urgent Need for Meaningful Change at Pitney Bowes
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and has a beneficial ownership position of 8.5% of the Company’s outstanding common stock, today released the following statement that was independently prepared by the unaffiliated candidates – Milena Alberti-Perez, Todd Everett, Katie May and Lance Rosenzweig – that Hestia is seeking to elect to the Company’s Board of Directors (the “Board”) at the upcoming Annual Meeting of Stockholders (the “Annual Meeting”):
By Hestia Capital Management, LLC · Via Business Wire · April 19, 2023
Hestia Capital Releases Presentation Detailing the Urgent Need for Changes in Leadership and Strategy at Pitney Bowes
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and has a beneficial ownership position of 8.5% of the Company’s outstanding common stock, today announced that it has issued a presentation that details the urgent need for boardroom change and opportunity for a sustainable, value-enhancing turnaround. Notably, Hestia’s director candidates have prepared a comprehensive six-pillar plan that targets a $15+ stock price in the coming years, which they believe will also help improve the Company’s credit profile. The six-pillar plan can be viewed at the following link: bit.ly/TransformPitneyBowes.
By Hestia Capital Management, LLC · Via Business Wire · April 12, 2023
Hestia Capital Issues Open Letter to Pitney Bowes Employees Regarding the Path to a Brighter Future
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and has a beneficial ownership position of 8.5% of the Company’s outstanding common stock, today issued a letter to Pitney Bowes employees expressing its enthusiasm for bringing stability to the Company and all its stakeholders.
Hestia Capital Issues Letter to Pitney Bowes Stockholders from Lance Rosenzweig, its Proposed Interim CEO and a Proven Turnaround Expert
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and has a beneficial ownership position of 8.4% of the Company’s outstanding common stock, today issued a letter to fellow stockholders from Lance Rosenzweig, who is the firm’s proposed interim Chief Executive Officer and a proven turnaround expert in the ecommerce and technology service industries.
Hestia Capital Files Definitive Proxy Statement and Sends Letter to Pitney Bowes Stockholders
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and has a beneficial ownership position of 8.4% of the Company’s outstanding common stock, today announced that it has filed a definitive proxy statement with the U.S. Securities and Exchange Commission in connection with Pitney Bowes’ 2023 Annual Meeting of Stockholders scheduled for May 9, 2023. In addition, Hestia sent a letter to the Company’s stockholders, which can be downloaded and viewed at the link above.
By Hestia Capital Management, LLC · Via Business Wire · March 16, 2023
Hestia Capital is Filing a Preliminary Proxy Statement in Connection with Pitney Bowes’ 2023 Annual Meeting of Stockholders
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and has a beneficial ownership position of 8.4% of the Company’s outstanding common stock, today announced that it is filing a preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with its nomination of five highly qualified and independent candidates for election to the Company’s Board of Directors (the “Board”) at the 2023 Annual Meeting of Stockholders (the “Annual Meeting”). Hestia’s nominees are Milena Alberti-Perez, Todd Everett, Katie May, Lance Rosenzweig and Kurt Wolf. The Hestia slate intends to issue a detailed strategy and operating plan in the coming weeks.
Hestia Capital Nominates Seven Highly Qualified, Independent Candidates for Election to Pitney Bowes’ Long-Tenured, Underperforming Board of Directors
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) and has a beneficial ownership position of approximately 7.2% of the Company's outstanding shares, today announced that it has nominated seven highly qualified and independent candidates for election to the Company’s nine-member Board of Directors (the “Board”) at the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”). In addition, Hestia released a presentation (downloadable here) that details a sampling of current leadership’s failings that have led to significant stockholder value destruction.
By Hestia Capital Management, LLC · Via Business Wire · January 23, 2023
Hestia Capital Announces Intent to Overhaul Pitney Bowes’ Board of Directors Following 10+ Years of Significant Value Destruction Under Chair Michael Roth and CEO Marc Lautenbach
Hestia Capital Management, LLC (collectively with its affiliates, “Hestia” or “we”), which is the third largest stockholder of Pitney Bowes, Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) with a beneficial ownership position of approximately 7.1% of the Company's outstanding shares, today issued the below letter to fellow stockholders regarding its attempts to engage in a productive, private manner with the Company’s Board of Directors (the “Board”). In the letter, Hestia explains why it is now compelled to state its intent to nominate a majority slate of director candidates, including a proposed interim Chief Executive Officer, at the Company’s 2023 Annual Meeting of Stockholders.
By Hestia Capital Management, LLC · Via Business Wire · December 12, 2022