Pitney Bowes appoints new Chief Accounting Officer

STAMFORD, CT – Pitney Bowes Inc . (NYSE:PBI), a global technology company, announced the appointment of a new Chief Accounting Officer, John Witek, who will also continue to serve as the Interim Chief Financial Officer. The change in leadership will take effect on September 7, 2024, following the departure of the current Chief Accounting Officer, Joseph Catapano, on September 6, 2024.

The company's Board of Directors approved Witek's appointment on Monday. Witek, 64, has been with Pitney Bowes since January 2019 and has held various finance roles within the company. Prior to his current tenure, Witek served as the Vice President of Global Financial Operations at Concentrix and spent 29 years at IBM (NYSE:IBM) in finance roles of increasing responsibility. His experience is expected to support the company's strategic priorities and drive efficiencies.

In recognition of his expanded role, Witek will receive a one-time payment of $100,000 on or before his start date, with a claw-back clause if he voluntarily resigns before the end of Q1 2025.

This leadership transition and the appointment of John Witek as Chief Accounting Officer is based on information disclosed in a recent SEC filing by Pitney Bowes.

In other recent news, Pitney Bowes Inc. has made significant strides in restructuring its operations. The company has completed the sale of a majority of its Global E-commerce reporting segment to an affiliate of Hilco Commercial Industrial, LLC, marking a significant shift in its business structure. This strategic exit from the E-commerce space allows Pitney Bowes to streamline its operations and focus on its remaining business segments.

In addition to the restructuring, Pitney Bowes reported a successful second quarter of 2024, marked by strong financial performance. The company saw a 43% year-over-year increase in adjusted EBIT to $46 million and a substantial improvement in free cash flow, rising by $94 million from the previous year to $83 million. The company's consolidated revenue grew slightly to $793 million, a 2% increase compared to the same period last year.

Despite the expected pretax loss from the Global Ecommerce exit, Pitney Bowes remains optimistic about the future of its core businesses, including SendTech, Presort, and Pitney Bowes Bank. The company has initiated $70 million in annualized savings as part of its streamlining efforts.

InvestingPro Insights

As Pitney Bowes Inc. (NYSE:PBI) welcomes John Witek as the new Chief Accounting Officer, investors may find it beneficial to consider the company's financial health and market performance. According to InvestingPro data, Pitney Bowes has a market capitalization of approximately $1.28 billion. Despite facing a sales decline, as analysts anticipate, the company has shown a strong return over the past year with a 114.96% price total return. This performance is reflected in the company's significant price uptick over the last six months, displaying a 79.86% return, indicating investor confidence in the company's trajectory.

InvestingPro Tips suggest that analysts are optimistic about Pitney Bowes' future, expecting net income growth this year. Moreover, two analysts have revised their earnings upwards for the upcoming period, signifying potential improvements in the company's profitability. It's also noteworthy that Pitney Bowes has maintained its dividend payments for 54 consecutive years, showcasing a commitment to providing shareholder value. For investors seeking more in-depth analysis, additional InvestingPro Tips can be found at Investing.com/pro/PBI.

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