In a recent development at Pitney-Bowes Inc. (NYSE:PBI), the company has undergone a change in its board of directors. William S. Simon has resigned from his position on the board, effective immediately, as of March 31, 2024.
Mr. Simon cited the need to focus on his other commitments as the reason for his departure. The company has confirmed that his resignation was not due to any disagreements regarding operations, policies, or practices at Pitney-Bowes.
Following this departure, the company announced today the appointment of Lance E. Rosenzweig as an independent director. Mr. Rosenzweig's appointment fills the vacancy left by Mr. Simon and is in line with the company's governance protocols and an existing Cooperation Agreement with Hestia Capital Partners, LP. The board has confirmed that Mr. Rosenzweig meets the independence criteria set by the company and the New York Stock Exchange listing standards.
Mr. Rosenzweig will serve on the board until the 2024 Annual Meeting of Shareholders, where he is slated for nomination for election to the board. The board and the company have expressed their gratitude to Mr. Simon for his contributions, particularly highlighting his role in the company's strategic restructuring efforts during a period of significant transformation.
The transition in the board of directors is part of the corporate governance process and reflects the company's commitment to complying with its Amended and Restated By-Laws. Pitney-Bowes continues its operations and strategic initiatives under the guidance of its board, with Mr. Rosenzweig's expertise now contributing to its future direction.
This information is based on a statement released by Pitney-Bowes and reflects the latest changes to its board composition.
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