\nKurt Wolf Intends to Retain Large Personal Stake in Pitney Bowes, Reflecting Strong Confidence in the Company\u2019s Go-Forward Value Creation Prospects<\/i><\/b><\/p>
PITTSBURGH--(BUSINESS WIRE)--Hestia Capital Management, LLC (collectively with its affiliates, \u201cHestia\u201d) today announced that it will distribute approximately 1.5 million shares of common stock of Pitney Bowes, Inc. (NYSE: PBI) (\u201cPitney Bowes\u201d or the \u201cCompany\u201d) to limited partners. This includes a distribution of approximately 1.1 million shares of Pitney Bowes to Kurt Wolf, who is the Chief Executive Officer and a sizable individual shareholder of the Company.<\/p>
\nHestia\u2019s decision to distribute shares to its investors was made, in part, to align its portfolio with Hestia\u2019s current views on position diversification and sizing. As Hestia continues to take actions that it believes are in the best interests of all of its limited partners, there could be additional share distributions to investors including Mr. Wolf.<\/p>
\nGiven his stated confidence in Pitney Bowes\u2019 long-term value creation prospects, Mr. Wolf intends to retain a sizable personal stake in the Company.<\/p>
\nAbout Hestia Capital<\/b><\/p>
\nHestia Capital is a long-term focused, deep value investment firm that typically makes investments in a narrow selection of companies facing company-specific, and\/or industry, disruptions. Hestia seeks to leverage its General Partner\u2019s expertise in competitive strategy, operations and capital markets to identify attractive situations within this universe of disrupted companies. These companies are often misunderstood by the general investing community or suffer from mismanagement, which we reasonably expect to be corrected, and provide the \u2018price dislocations\u2019 which allows Hestia to identify, and invest in, highly attractive risk\/reward investment opportunities.<\/p>