PITNEY BOWES INC /DE/ (PBI): restructuring charge — Pitney Bowes approves $25M restructuring plan; Global Ecommerce president departs

PITNEY BOWES INC /DE/

Approved 2024 Plan to reduce costs with ~$25M pre-tax charge in Q2 2024, mainly cash severance.
Workforce reductions and other actions; plan expected to be completed by end of Q1 2025.
Gregg Zegras, EVP and President of Global Ecommerce, departs effective June 30, 2024.
Separation agreement offers $856,000 cash (52 weeks salary), pro-rata bonus, and equity treatment.
2023 RSUs (76,103 units) vest fully; 2024 PSUs (187,970 units) continue vesting on prorated basis.

item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Gregg Zegras

Executive Vice President and President, Global Ecommerce

PBI · PITNEY BOWES INC /DE/

Effective: 2024-06-30
Filed: July 2, 2024, 7:59 PM ET

The employment of Gregg Zegras as Executive Vice President and President, Global Ecommerce at the Company ended, effective June 30, 2024

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Gregg Zegras departed as Executive Vice President and President, Global Ecommerce at PITNEY BOWES INC /DE/.

Action: separated
Role: Executive Vice President and President, Global Ecommerce

Exact text from the filing

The employment of Gregg Zegras as Executive Vice President and President, Global Ecommerce at the Company ended, effective June 30, 2024

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

PITNEY BOWES INC /DE/ announced a restructuring with charges of approximately $25 million.

Type: restructuring
Charge: approximately $25 million

Exact text from the filing

reductions and other actions (the “2024 Plan”). The Company currently expects to incur aggregate one-time, pre-tax charges associated with the 2024 Plan of approximately $25 million, primarily related to cash severance costs, to be recorded in the second quarter of 2024. We anticipate incurring additional charges in future periods related to further

View on SEC.gov

6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

PITNEY BOWES INC /DE/ filing history →

Source: SEC EDGAR

accession 0000078814-24-000043

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