Activist investor Hestia Capital has proposed a majority slate of seven directors to replace current board members at Pitney Bowes, citing poor performance and what it termed strategic missteps over the past decade, with the company responding that Hestia is not interested in a good faith discussion.
Pitney Bowes will get a board makeover with an installed majority and a new interim CEO, if investor Hestia Capital has its way, actions that have led management to take defensive measures. The hedge fund said it’s taking these hardball measures after the company refused its offer last month to bring in three new outside directors.
Parcel consolidation and ecommerce firm Pitney Bowes has come with an innovative device that combines a label printer and scale. SMB shippers can process orders from Amazon, eBay and Shopify from their phones using companion software, compare discounted shipping rates, print labels and First Class stamps and track packages.
A hedge fund which made millions with its stake in GameStop before the struggling retailer became a Reddit-fueled stock phenomenon has invested in Pitney Bowes, believing its assets are undervalued, and suggesting its ecommerce unit could be sold. Hestia Capital may put forward a former Stamps.com executive as a director.
How do you create a positive delivery experience that offers consumers the choice they crave, translating your last mile delivery process into repeat purchases and brand loyalty? Retailers in the know are focusing on delivery segmentation to differentiate themselves, crafting customer delivery personas to inform their last mile deliveries.
Borderfree, a provider of cross-border shipping acquired by Pitney Bowes in 2015, is being acquired by Israeli cross-border platform firm Global-e for $100 million in cash, about a quarter of its original price, the companies announced, adding the two will enter into a strategic partnership. The deal is expected to close in Q3.
While U.S. parcel volume rose nearly 6% to 21.5B pieces in 2021, it was the slowest growth in five years, and considerably less than the massive 31.5% gain in a pandemic-driven 2020, according to Pitney Bowes’ annual index. It also showed smaller carriers growing rapidly but still holding a tiny percentage of the overall pie.
For the first time, Amazon Logistics surpassed a major carrier in domestic parcel volume, edging out FedEx in 2020, according to Pitney Bowes annual shipping index, although FedEx had substantially more revenue. Pitney Bowes is also predicting domestic parcel volume will nearly double between 2020 and 2026.
With the new year underway, you may be feeling the burden of the latest round of carrier rate and surcharge increases hitting parcel costs. In order to understand and mitigate their business impact, you need to arm yourself with information. How can you measure the net impact of these changes? It all starts with good, accurate data.