Pitney Bowes CFO Departs; Interim Appointed

TL;DR

PB CFO OUT, interim in. Cost cuts coming.

AI Summary

Pitney Bowes Inc. announced on June 26, 2024, the departure of its Chief Financial Officer, Ana M. Pardo. The company has appointed Michael L. Monahan as interim CFO. Additionally, the company is undertaking cost-saving measures related to exit or disposal activities, though specific financial impacts were not detailed in this filing.

Why It Matters

The departure of a CFO can signal strategic shifts or financial challenges within a company, impacting investor confidence and future financial performance.

Risk Assessment

Risk Level: medium — The departure of a CFO and the mention of exit/disposal costs can indicate underlying financial pressures or restructuring, warranting closer scrutiny.

Key Players & Entities

• Pitney Bowes Inc. (company) — Registrant
• Ana M. Pardo (person) — Departing Chief Financial Officer
• Michael L. Monahan (person) — Interim Chief Financial Officer
• June 26, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1 — ange on Which Registered Common Stock, $1 par value per share PBI New York Stock
• $25 m — ted with the 2024 Plan of approximately $25 million, primarily related to cash severa
• $856,000 — ible to receive a cash payment equal to $856,000, less applicable taxes and withholdings

Filing Documents

• pbi-20240626.htm (8-K) — 32KB
• 0000078814-24-000043.txt ( ) — 192KB
• pbi-20240626.xsd (EX-101.SCH) — 3KB
• pbi-20240626_def.xml (EX-101.DEF) — 15KB
• pbi-20240626_lab.xml (EX-101.LAB) — 27KB
• pbi-20240626_pre.xml (EX-101.PRE) — 16KB
• pbi-20240626_htm.xml (XML) — 4KB

05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES

ITEM 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES. On June 26, 2024, Pitney Bowes Inc. (the "Company"), as part of its ongoing initiatives to accelerate value creation, approved a plan to realize cost reductions and improve efficiencies, which includes workforce reductions and other actions (the "2024 Plan"). The Company currently expects to incur aggregate one-time, pre-tax charges associated with the 2024 Plan of approximately $25 million, primarily related to cash severance costs, to be recorded in the second quarter of 2024. We anticipate incurring additional charges in future periods related to further workforce reductions and other actions. The 2024 Plan is expected to be completed by the end of the first quarter of 2025.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K (this "Current Report") contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including those relating to costs expected to be incurred in connection with implementation of the 2024 Plan and the timing thereof. Forward-looking statements are subject to inherent risks and uncertainties, including those discussed throughout the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission on February 20, 2024, that could cause actual results to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this Current Report speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. The employment of Gregg Zegras as Executive Vice President and President, Global Ecommerce at the Company ended, effective June 30, 2024 (the "Separation Date"). In connection with Mr. Zegras' separation from the Company, Mr. Zegras was offered a Separation and General Release Agreement (the "Separation Agreement"), pursuant to which, if executed and subject to agreement to the terms included therein (including a release), Mr. Zegras will be eligible to receive a cash payment equal to $856,000, less applicable taxes and withholdings, which amount represents fifty-two (52) weeks' worth of Mr. Zegras' base salary as in effect immediately prior to the Separation Date (the "Separation Amount"). In addition to the Separation Amount, Mr. Zegras would also be entitled to a pro-rata annua

01 FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits 104 The cover page of Pitney Bowes Inc.'s Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Pitney Bowes Inc. By: /s/ Lauren Freeman-Bosworth Name: Lauren Freeman-Bosworth Date: July 2, 2024 Title: Executive Vice President, General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR