Pitney Bowes gains after activist investor head named new CEO

Pitney Bowes' PBI.N shares up 9.6% at $9.97, highest since early Mar, on Thurs after co appointed head of Hestia Capital Management as CEO

Stamford, Connecticutt-based shipping and mailing firm late Weds named Hestia Founding Member Kurt Wolf as CEO, effective immediately

Wolf succeeds Lance Rosenzweig, who is retiring from CEO and board director roles to become a consultant to PBI

Wolf "and relevant members of leadership" to conduct comprehensive strategic review for rest of 2025, co said

"The Board determined that Mr. Wolf, who is an architect of Pitney Bowes’ turnaround and a major shareholder, is best positioned to refine the Company’s strategy," per the statement

In 2023, Hestia won board seats and urged PBI to explore strategic alternatives for its global e-commerce segment, and focus on its mail sorting and postage meter unit

Hestia is #3 PBI holder with ~13.7 mln shares for ~7.6% stake, based on co's ~181.25 mln shares outstanding, per LSEG data

Also, co said based on strong outlook for free cash flow and other financial metrics, it intends to buy back $150 mln of its stock this year, which represents the previously disclosed amount authorized by its board

In addition, it said it's now on track to achieve 3x adjusted leverage ratio target by end of Q2, a qtr sooner than anticipated, without needing to retire additional debt

With move on the session, PBI shares up ~38% YTD