- After almost 11 years in the position
- Praise, thanks and good wishes for Lautenbach
- Jason Dies taking over temporarily
- Search for a successor
- Lautenbach said 68 words
(exechange) — Stamford, Connecticut, October 2, 2023 — Marc Lautenbach, chief executive of Pitney Bowes, leaves his position. As announced by Pitney Bowes Inc. in a news release and in a regulatory filing published on Monday, October 2, 2023, Marc B. Lautenbach leaves his post as chief executive officer at the shipping and mailing company, after almost 11 years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Pitney Bowes will undertake a search for a successor.
Marc Lautenbach’s duties as CEO will be taken over temporarily by Jason C. Dies, most recently Executive Vice President and Group President at Pitney Bowes Inc., as interim Chief Executive Officer.
“Accelerating corporate cost optimization and related restructuring efforts”
Pitney Bowes did not give an explicit reason for Marc Lautenbach’s departure from the CEO post. Pitney Bowes stated: “As interim Chief Executive Officer, Mr. Dies will focus on accelerating corporate cost optimization and related restructuring efforts while also working with the leaders of SendTech, Presort and Global Ecommerce to identify actionable opportunities to strengthen performance and market positioning.”
Precise information regarding Marc Lautenbach’s future plans was not immediately available.
Pitney Bowes said: “Marc Lautenbach has stepped down as President and Chief Executive Officer and as a member of the Board, effective immediately.”
“Not related to any matter”
Pitney Bowes stated, regarding the change: “These actions were not related to any matter regarding the business or the Company’s operations, financial condition, reported financial results, internal controls or disclosure controls and procedures.”
Share price decline since December 2012
The announcement follows a decline in Pitney Bowes Inc.’s share price of 74% since December 2012. December 2012 is the month in which Lautenbach’s tenure as CEO began.
In the position of CEO since 2012
Marc Lautenbach became CEO of the Company in 2012.
He has served as President and Chief Executive Officer of Pitney Bowes Inc. since December 3, 2012.
Formerly, he served as managing partner, North America, Global Business Services, International Business Machines Corporation (IBM), a global technology services company, 2010 – 2012, and General Manager, IBM North America, 2005 – 2010.
68 words by Marc Lautenbach
In the release announcing his departure as CEO of Pitney Bowes Inc., Marc Lautenbach received praise, thanks and good wishes.
In announcing his departure, Marc Lautenbach said 68 words.
Marc Lautenbach stated: “It has been an honor and a privilege to lead this iconic company for over a decade. As proud as I am of what has been accomplished, I am particularly proud of our team, who has always been guided by our ‘true north’ – our value of doing the right thing the right way. I am confident that this value will continue to guide our Company’s journey going forward.”
Push-out Score for Marc Lautenbach’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Marc Lautenbach was pushed out or felt pressure to leave his position.
exechange reached out to Pitney Bowes and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 41.2023 ($).