Pitney Bowes Inc. (PBI), a leader in the shipping and mailing industry, announced the immediate appointment of Lance Rosenzweig as the interim Chief Executive Officer, effective immediately. Rosenzweig will maintain his position as a member of the Board of Directors.
This transition sees Jason Dies stepping down from his role as interim CEO and retiring after years of valuable service in various executive capacities.
The Board believes Rosenzweig is uniquely qualified to accelerate the Company's transformation and increase shareholder value. Consequently, a new CEO appointment process is underway following the recent Board overhaul.
Moreover, the Board has transformed its Finance Committee into a Value Enhancement Committee, which will oversee financial, operational, and strategic initiatives. Pitney Bowes has enlisted the expertise of two nationally renowned consulting firms specializing in financial and operational matters.
Preliminary analyses have identified potential additional annual savings of $60 million to $100 million across the organization, excluding the Global Ecommerce (GEC) business. The company aims to reduce its ongoing cash requirements by approximately $200 million.
These strategic decisions come after the reassessed Board's evaluation aimed at expediting Pitney Bowes' evolution into a more efficient entity, concentrating on its core, cash-generating segments.
