Pitney Bowes CEO Marc Lautenbach Steps Down

After facing pressure from major shareholders, Pitney Bowes CEO Marc Lautenbach has stepped down from his post at the global shipping and mailing company. In addition to leaving the CEO role, Lautenbach also resigned as president and board member.

Pitney Bowes Names Jason Dies Interim CEO

When announcing Lautenbach’s departure, the company said in a press release that Jason Dies will serve as interim CEO while the company searches for a permanent successor. Dies recently served as Pitney Bowe’s executive vice president and group president and has been with the company since 2015.

In regard to Dies’ credentials and tenure at the company, Pitney Bowes said the following in its announcement:

“Since joining Pitney Bowes in 2015, Mr. Dies has held roles of increasing responsibility and has led a number of strategic initiatives, including a successful transformation of the Company’s Sending Technology Solutions (“SendTech”) segment. As Executive Vice President and Group President, Mr. Dies was responsible for overseeing the Company’s SendTech and Presort Services (“Presort”) segments as well as the Human Resources, Information Technologies, Marketing and Communications groups.”

Why Lautenbach Stepped Down

Lautenbach was at the center of a proxy fight involving Hestia Capital Management, a private hedge fund that owns over 9% of Pitney Bowes’ common stock. Hestia had used its position as one of the company’s largest sole shareholders to call for Lautenbach’s ouster, claiming he was responsible for the company’s falling share price during his tenure as CEO, which began in 2012.

Over the five-year period between 2018 and 2023, Pitney Bowes stock (NYSE: PBI) has fallen by over 53%. As of the time of publishing this article, shares were trading at $3.31 with a market cap of $582.65 million.