In connection with the filing of the preliminary proxy materials, the Board disclosed its
slate of director candidates for the 2023 Annual Meeting, including two new independent directors, Darrell Thomas and Steve Brill, who have been appointed to the Board, effective immediately. Directors Michael I. Roth, S. Douglas Hutcheson, and
David L. Shedlarz will not stand for re-election at the Companys 2023 Annual Meeting. Michael Roth has also decided to step down from the Chairmanship now, rather than at the end of his term as director,
in light of the limited time between now and the end of his term and because he believes the incoming Non-Executive Chairman should lead discussions on future Board leadership in support of the Companys
next phase of transformation. Accordingly, the Board has elected Robert M. Dutkowsky to assume the role of Non-Executive Chairman, effective immediately.
We are excited to welcome Darrell and Steve to our Board both possess deep leadership experience and relevant expertise, which will be
of tremendous value to our Board and management team.
We also want to sincerely thank Michael, Doug, and David for their leadership,
service, and many contributions over the years. They have been instrumental in helping lead and support Pitney Bowes strategic transformation into a company whose foundation is now primed for sustainable, profitable growth, and stockholder
value creation. Through their efforts, and the efforts of our Board, CEO, and management team, we have positioned the Company for long-term success by optimizing our portfolio, which is now comprised of an appropriate mix of steady revenue and
high-growth businesses.
In addition, Pitney Bowes has become more financially flexible as we have significantly reduced our debt, paying
down $1.7 billion over the last nine years. At the same time, we have also returned $1.5 billion in capital to stockholders in the form of dividends and share repurchases, while also actively investing $2.6 billion in our businesses.
We took these actions with a singular focus on long-term stockholder value creation.
Darrell Thomas brings a wealth of valuable experience
to the Board, particularly in finance and treasury. He most recently served as Vice President and Treasurer for Harley-Davidson, Inc., having previously held several senior finance positions including interim CFO for Harley-Davidson. Like Pitney
Bowes, Harley-Davidson owns an Industrial Loan Corporation, and we look forward to leveraging Darrells experience in this regard and applying it to our own Pitney Bowes Bank. Prior to Harley-Davidson, Darrell served as Vice President and
Assistant Treasurer of PepsiCo. Before that, Darrell spent nearly two decades working in banking with Commerzbank Securities, Swiss Re New Markets, ABN Amro Bank, and Citicorp/Citibank, where he held various capital markets and corporate finance
roles. Darrell also has significant board experience; he currently serves on the boards of British American Tobacco, Dorman Products, Scotia Holdings (US), and Sojourner Family Peace Center.
Steve Brill has a long career working in logistics, operations, marketing, sales, and strategy, establishing him as an industry expert. Steve
retired from UPS in 2020 after 33 years, where he last served as the President Corporate Strategy, working on the long-term direction of the enterprise to drive sustainable profitable growth. This role included developing strategic imperatives as
well as organic and M&A strategies across global markets, business units, and verticals. With over 33 years experience in logistics and ecommerce, Steve served in a variety of transformational leadership roles at UPS. Steve has
served as a strategic advisor for the past two years, building upon his extensive experience in freight and logistics services. He brings to the Board a deep expertise in the nuances of the shipping industry, with a focus on the rise of global
ecommerce and cross-border operations.