The hedge fund Hestia Capital Partners LP might be sending signals that it wants to have a greater say in the leadership of Stamford-based Pitney Bowes Inc. (NYSE:PBI).
According to a Reuters report citing unnamed “sources familiar with the matter,” Hestia has been agitating for Pitney Bowes “to re-evaluate its capital allocation and e-commerce strategy.” Hestia holds a 6.9% stake in the company and reportedly floated the idea of a possible sale of an underperforming segment of the company.
Whether Hestia will formally seek to name candidates for Pitney Bowes”™ board of directors is not certain, although Kurt Wolf, the hedge fund”™s, reportedly engaged in talks with possible board candidates. Wolf engaged in a similar leadership influencing strategy with GameStop (NYSE:GME) in 2019, which helped boost that company”™s viability with investors.
A Pitney Bowes spokesperson Bill Hughes declined to comment on Hestia”™s actions, only stating that the company has “open and regular communication” with its investors and believed its “businesses are very well positioned for future success.”
