27-Year IBM Veteran Brings Extensive Experience and Proven Track
Record in Technology Services
Murray D. Martin to Retire as Chairman, President and Chief Executive
Officer; Michael I. Roth Named Non-Executive Chairman
STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 3, 2012--
Pitney Bowes Inc. (NYSE: PBI) today announced that the Pitney Bowes
Board of Directors has appointed Marc B. Lautenbach as President and
Chief Executive Officer, effective immediately. Mr. Lautenbach joins
Pitney Bowes with nearly 30 years of experience in the technology and
business services industry, having served in senior leadership positions
at IBM (NYSE: IBM).
Marc Lautenbach is the newly-named President and CEO of Pitney Bowes Inc. (Photo: Business Wire)
Mr. Lautenbach succeeds Murray D. Martin, who is retiring as the
company’s Chairman, President and Chief Executive Officer and has
resigned from the company’s board of directors. Mr. Martin will continue
to work with Mr. Lautenbach on an effective transition.
The Pitney Bowes Board also announced today that Michael I. Roth,
currently Lead Independent Director, has been appointed Non-Executive
Chairman of the Board, effective immediately. Mr. Lautenbach has also
been appointed to the company’s Board, effective immediately. With these
changes, the Pitney Bowes Board of Directors includes 13 individuals, 12
of whom are independent.
At different stages of his 27-year career at IBM, Mr. Lautenbach oversaw
the small- and medium-size (SMB) customer segment. In addition, as the
executive responsible for sales in the Americas, he has had substantial
experience in the enterprise and federal government segments. Most
recently, Mr. Lautenbach served as Managing Partner of IBM North America
Global Business Services. Mr. Lautenbach has served in various senior
management positions of increasing responsibility, including General
Manager, IBM North America; General Manager, IBM Global Small and Medium
Business; and Vice President, IBM Asia-Pacific Small and Medium Business.
“The Board is pleased to welcome Marc to Pitney Bowes as the company’s
next President and CEO,” said Mr. Roth. “Marc is a successful leader and
manager, with a proven track record within the technology and business
services industry in the SMB and Enterprise segments, as well as in
transforming businesses, both within IBM and for its customers. During
his tenure at IBM, Marc developed a reputation for delivering consistent
results while assisting companies to reach their full potential. This
experience is of critical importance to Pitney Bowes at this important
time of change for our company and our industry. The Board is confident
that Marc is ideally suited to lead Pitney Bowes, and as the
non-Executive Chairman, I look forward to working closely with Marc and
the senior management team to execute on our strategy to be a leading
provider of customer communications solutions.”
Mr. Roth continued, “On behalf of the Board, I want to thank Murray for
his dedication and many outstanding contributions in his 26 years with
the company. Under his leadership, Murray has overseen numerous
acquisitions, many major technological innovations and strategic
initiatives to streamline the business and focus on high growth
opportunities. The Board appreciates his ongoing support and we wish
Murray the best in his retirement.”
Mr. Martin said, “I am proud to have been a part of Pitney Bowes’ growth
and evolution since joining the company in 1987. I believe Marc has the
right background and experience to lead Pitney Bowes forward, and to
execute on the initiatives necessary to drive future growth and value
creation for shareholders.”
Mr. Lautenbach stated, “It is an honor to lead Pitney Bowes, a company
with a long and proud history. I view this as a time of great
opportunity to build an even stronger future for the company with its
valuable portfolio of innovative products and solutions, strong customer
relationships and a team of deeply talented and devoted employees around
the world. I look forward to working with the Board of Directors,
executive team, and all Pitney Bowes employees to enhance the company’s
market position and accelerate our transformation for future growth and
success for the benefit of all stakeholders.”
The company reiterated the guidance it provided on November 1, 2012, and
anticipates 2012 guidance for:
-
Revenue, excluding the impacts of currency, to remain in a range of
flat to a decline of 4 percent when compared to 2011;
-
Adjusted earnings per diluted share from continuing operations to be
in the range of $1.95 to $2.15;
-
GAAP earnings per diluted share from continuing operations to be in
the range of $1.78 to $2.08; and
-
Free cash flow to be in the range of $750 million to $850 million.
About Marc B. Lautenbach
In his role as Managing Partner of IBM North America Global Business
Services, Mr. Lautenbach (51) was responsible for the consulting and
systems integration business, overseeing professionals globally.
Previously, as General Manager, IBM North America, Mr. Lautenbach led
the IBM sales and distribution operations in the U.S., Canada and Latin
America. Prior to that, Mr. Lautenbach was General Manager, IBM Global
Small and Medium Business, with responsibility for all of IBM’s efforts
in support of small and medium businesses worldwide, including strategy,
offering and channel development, and marketing and sales. In addition,
Mr. Lautenbach was appointed to IBM’s Worldwide Management Committee in
2001, and then to the Performance Team and the Integration and Values
Team in 2006.
Mr. Lautenbach graduated Phi Beta Kappa, magna cum laude from Denison
University and also earned an M.B.A. from The Kellogg Graduate School of
Management, Northwestern University.
About Michael I. Roth
Mr. Roth has served on the Pitney Bowes Board of Directors since 1995
and as Lead Independent Director since February 2012. Mr. Roth is
Chairman and Chief Executive Officer of The Interpublic Group of
Companies, Inc., a global marketing communications and marketing
services company. Mr. Roth is also a director of Ryman Hospitality
Corporation and The Interpublic Group of Companies, Inc.
About Pitney Bowes
Pitney Bowes provides technology solutions for small,
mid-size and large firms that help them connect with customers to build
loyalty and grow revenue. The company’s solutions for financial
services, healthcare,
legal,
nonprofit,
public
sector and retail organizations are delivered on open platforms to
best organize, analyze and apply both public and proprietary data to
two-way customer communications. Pitney Bowes is the only firm that
includes direct mail, transactional mail, call centers and in-store
technologies in its solution mix along with digital channels such as the
Web, email, live chat and mobile applications. Pitney Bowes is a $5.3
billion company with 29,000 employees worldwide. Pitney Bowes: Every
connection is a new opportunity™.
The guidance discussed above regarding future results are inherently
subject to unforeseen risks and developments. As such,
discussions about the business outlook should be read in the context of
an uncertain future, as well as the risk factors identified in the safe
harbor language at the end of this release and as more fully outlined in
the Company's 2011 Form 10-K Annual Report and other reports filed with
the Securities and Exchange Commission.
This document contains “forward-looking statements” about our
expected or potential future business and financial performance. For us
forward-looking statements include, but are not limited to, statements
about our future revenue and earnings guidance and other statements
about 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. These risks and uncertainties include, but are not limited
to: mail volumes; the uncertain economic environment; timely
development, market acceptance and regulatory approvals, if needed, of
new products; fluctuations in customer demand; changes in postal
regulations; interrupted use of key information systems; management of
outsourcing arrangements; foreign currency exchange rates;
changes in our credit ratings; management of credit risk; changes in
interest rates; the financial health of national posts; and other
factors beyond our control as more fully outlined in the Company's 2011
Form 10-K Annual Report and other reports filed with the Securities and
Exchange Commission. Pitney Bowes assumes no obligation to update
any forward-looking statements contained in this document as a result of
new information, events or developments.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20121203005474/en/
Source: Pitney Bowes Inc.
Pitney Bowes Inc.
Editorial:
Matthew Broder, 203-351-6347
VP,
External Communications
matthew.broder@pb.com
or
Financial:
Charles
F. McBride, 203-351-6349
VP, Investor Relations
or
Website:
www.pb.com
