Pitney Bowes Inc. (NYSE:PBI) announced President and CEO Marc Lautenbach was stepping down after 11 years of leadership.
While the Stamford-headquartered company’s announcement did not give an official explanation for Lautenbach’s departure, he was at the center of intense criticism by several major investors in the company – including Hestia Capital Management, Ancora Holdings and Bradley Radoff – who blamed Lautenbach for the company’s lethargic financial performance. Jason Dies, who most recently served as the company’s executive vice president and group president, was named interim CEO.
In a statement released by Pitney Bowes, Lautenbach – who also resigned from the company’s board of directors, said that while he was proud of what had been accomplished during his leadership years, he was “particularly proud of our team, who has always been guided by our ‘true north’ – our value of doing the right thing the right way. I am confident that this value will continue to guide our company’s journey going forward.”
