Pitney Bowes Inc. (OTCMKTS:PBOWN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
(b) Pitney Bowes Inc. (the “Company”) has made the following announcements to be effective October 2, 2017:
(i) Mark Shearer, currently Executive Vice President and President, SMB Solutions, will transition to a new position as Executive Vice President Pitney Bowes Inc. in which he will serve until sometime during the first quarter of 2018 when he has indicated his intention to retire from the Company. During this period, Mr. Shearer will assist in transitioning his responsibilities as well as to take on other projects as may be assigned by the President and Chief Executive Officer. Mr. Shearer will continue to report to the President and Chief Executive Officer. The board of directors has authorized the Chief Executive Officer to confer retiree status on Mr. Shearer with respect to his long-term incentive awards at such time as he retires from the Company. The board has previously conferred retirement status from time to time under similar circumstances. The Pitney Bowes Stock Plan treats executives who have attained age 55 with 10 years of Company service as retirees with the following consequences: (a) RSUs, outstanding for at least one year, vest assuming the performance criteria has been met; (b) PSUs are prorated based on full months of active service through the date of retirement and the number of units vesting will be determined by the board for the entire class of awardees at the end of the three-year performance cycle; and (c) nonqualified options, outstanding for at least one year, vest and remain exercisable for the remainder of the award term;
(ii) The board of directors elected Jason Dies, currently President of our Document Messaging Technologies division (DMT), an executive officer of Pitney Bowes with the new title of Executive Vice President and President, SMB Solutions. He will report directly to the President and Chief Executive Officer;
(iii) The board of directors approved a change in responsibilities of Christoph Stehmann. Mr. Stehmann, currently Executive Vice President and President, Enterprise Solutions Group, will become Executive Vice President, SMB Solutions International and will continue to report directly to the President and Chief Executive Officer; and
(iv) The board of directors approved a change in the responsibilities of Lila Snyder who is currently Executive Vice President and President, Global Ecommerce. Ms. Snyder’s responsibilities will expand and her new title will be Executive Vice President and President, Ecommerce and Presort Services. Ms. Snyder will report directly to the President and Chief Executive Officer.
ITEM 8.01. OTHER EVENTS.
On October 4, 2017, the Company issued a press release announcing the changes discussed above. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Current Report.
ITEM 9.01. EXHIBITS.
Exhibit Number Description of Exhibit
PITNEY BOWES INC /DE/ ExhibitEX-99.1 2 executivemanagementpressre.htm EXHIBIT 99.1 Exhibit Pitney Bowes Announces Senior Management ChangesSTAMFORD,…To view the full exhibit click
About Pitney Bowes Inc. (OTCMKTS:PBOWN)
Pitney Bowes Inc. is a global technology company. The Company offers customer information management, location intelligence, and customer engagement products and solutions to help clients market to their customers, and shipping and mailing, and cross border e-commerce products and solutions that enable the sending of parcels and packages across the globe. The Company’s business is organized around three sets of solutions, which include small and medium business (SMB) Solutions, enterprise business solutions and digital commerce solutions (DCS). Its DCS business includes Software Solutions and Global Ecommerce segments. Its Others segment consists of Imagitas. The Company markets products and services through sales force, direct mailings, telemarketing, independent dealers and distributors and Web channels. It sells products to business, governmental, institutional and other organizations.