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.”
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