Pitney Bowes CEO takes pay cut

Under pressure from shareholders, Pitney Bowes Inc. CEO Murray Martin agreed to forfeit $2 million in compensation that would have vested in December 2013.

Martin was promoted in 2007 to CEO of Stamford-based Pitney Bowes, replacing Michael Critelli, and undertook a massive restructuring at the cost of thousands of jobs at the mail services giant, with the restructuring failing to revive Pitney Bowes’ stock (NYSE: PBI).

In the second quarter, Pitney Bowes saw profits drop slightly from a year earlier to just under $100 million, with revenue down 5 percent to $1.25 billion.

Pitney Bowes is finalizing a new digital platform called Volly that will allow consumers to pay bills and invoices and view catalogs, coupons and other marketing pieces online.

Pitney Bowes stated that after stockholders did not approve its advisory resolution on executive compensation this past spring, it has since been discussing its policies with them.

In addition to forfeiting the “key employees’ incentive plan” award he received in 2011 that vests in December 2013, Martin agreed to a reduction in his  annual incentive target for this year from 165 percent of his base salary to 130 percent.

This past spring, Pitney Bowes reported Martin”™s compensation at $9.2 million, up from $8.3 million in 2010.