Pitney Bowes Announces CFO Transition Process
March 19 2024 - 9:00AM
Business Wire
John Witek, the Company’s Most Recent Head
of Global Business Services and SendTech’s Former Chief Financial
Officer, to Serve as Interim Chief Financial Officer, Pitney
Bowes
Mr. Witek Brings Expertise in Optimizing
Cost and Realizing Efficiencies That Will Support Go-Forward
Goals
Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”),
a global shipping and mailing company that provides technology,
logistics, and financial services, today announced that John Witek,
who was most recently Head of Global Business Services, has been
appointed interim Chief Financial Officer, effective March 19,
2024. Mr. Witek’s appointment follows the departure of Ana Maria
Chadwick, who is leaving to assume a new role with another
organization. Ms. Chadwick has agreed to remain at the Company as
an advisor until April 21, 2024 to ensure a seamless
transition.
The Company has initiated a formal search process with
recruitment firm Crist Kolder Associates for Ms. Chadwick’s
permanent replacement. The Company will consider candidates with
experience in areas that include business transformation, capital
allocation and efficiency, cost containment, debt management and
reduction, strategic restructurings, and transactions.
As Head of Global Business Services, Mr. Witek focused on
driving efficiency and transformation throughout the company. Prior
to that, he was the Chief Financial Officer of the Company’s
SendTech segment from 2019 through 2022 where he brought an intense
focus on disciplined capital management and strategic investments
in growth adjacencies. Given his integral role in the repositioning
of SendTech while Jason Dies, current interim Chief Executive
Officer, was overseeing the segment, Mr. Witek brings the
experience and understanding of the business needed to advance the
Company’s strategic initiatives and also to provide stability and
support in the coming quarters.
Mr. Dies commented:
“Based on his recent successes in Global Business Services and
SendTech, John is the ideal person to step into the interim Chief
Financial Officer position. He understands the importance of
efficiency and knows how to put a business on a tangible path to
consistent profitability. I have every confidence that we will
benefit from John in this role as the Company explores new
opportunities for capital and operational efficiency. I also thank
Ana for her years of service and wish her the best in her future
pursuits.”
Additional details will be filed on a Form 8-K with the U.S.
Securities and Exchange Commission.
John Witek Biography
John Witek has nearly four decades of corporate finance
experience within the business services and information technology
sectors. Since joining Pitney Bowes in 2019, he has held roles that
include Head of Global Business Services and Chief Financial
Officer of SendTech. He has played active roles in cost
rationalization programs, efficiency measures, and segment
profitability improvement. Previously, he was the Vice President of
Global Financial Operations at Concentrix. Prior to that, he held
several financial leadership positions across divisions and
functions at IBM. He has a degree in finance from Northeastern
University and an MBA in Finance from Long Island University.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global shipping and mailing company
that provides technology, logistics, and financial services to more
than 90 percent of the Fortune 500. Small business, retail,
enterprise, and government clients around the world rely on Pitney
Bowes to reduce the complexity of sending mail and parcels. For the
latest news, corporate announcements and financial results visit
https://www.pitneybowes.com/us/newsroom.html. For additional
information visit Pitney Bowes at www.pitneybowes.com.
This document contains “forward-looking statements” about the
Company’s expected or potential future business and financial
performance. Forward-looking statements include, but are not
limited to, statements about the Company’s future progress, plans,
market positioning and future events or conditions. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that could cause actual results to differ
materially from those projected. Factors which could cause future
financial performance to differ materially from expectations
include, without limitation, not realizing the anticipated benefits
of our ongoing strategic initiatives, corporate cost optimization
and related restructuring efforts; declining physical mail volumes;
changes in postal regulations or the operations and financial
health of posts in the U.S. or other major markets or changes to
the broader postal or shipping markets; our ability to retain
management and other employees; our ability to continue to grow and
manage unexpected fluctuations in volumes, gain additional
economies of scale and improve profitability within our Global
Ecommerce segment; the loss of some of our larger clients in our
Global Ecommerce and Presort Services segments; the loss of, or
significant changes to, United States Postal Service (USPS)
commercial programs, or our contractual relationships with the USPS
or their performance under those contracts; the impacts on our cost
of debt due to recent increases in interest rates and the potential
for future interest rate hikes; and other factors as more fully
outlined in the Company's 2022 Form 10-K Annual Report and other
reports filed with the Securities and Exchange Commission during
2023. Pitney Bowes assumes no obligation to update any
forward-looking statements contained in this document as a result
of new information, events or developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20240319942068/en/
For Media:
Kathleen Raymond, Head of Communications
Kathleen.Raymond@pb.com
For Investors:
Philip Landler, Investor Relations Philip.Landler@pb.com
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