Pitney Bowes Inc. announced on May 22, 2025, the appointment of sitting director Kurt Wolf as the company’s Chief Executive Officer, effective immediately. Mr. Wolf, known as an architect of Pitney Bowes’ turnaround and a major shareholder, succeeds Lance Rosenzweig, who is retiring from his CEO and director roles.
The company also announced its intention to repurchase $150 million in shares in 2025, representing the entirety of the Board’s previously disclosed share repurchase authorization. Pitney Bowes plans to evaluate further dividend increases once the current authorization is exhausted.
Furthermore, Pitney Bowes is now on track to achieve its 3.0x adjusted leverage ratio target by the end of the second quarter of 2025, one quarter sooner than previously announced and without needing to retire additional debt. This significantly increases the company's flexibility regarding cash utilization.
Under Mr. Wolf's leadership, a comprehensive strategic review will be conducted over the remainder of 2025, supported by independent advisors. The goal is to develop a clear strategy for maximizing the value of the businesses for shareholders and other stakeholders. The company reaffirmed all aspects of its previously announced 2025 financial guidance.
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