---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-24-036497"
form_type: "8-K"
ticker: "PBI"
cik: "0000078814"
company_name: "PITNEY BOWES INC /DE/"
filed_at: "2024-08-09T23:59:59+00:00"
generated_at: "2026-05-31T10:35:52.114891+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Pitney Bowes exits Global Ecommerce via sale to Hilco; expects to eliminate ~$136M annual losses

## Summary
- Sold 81% voting interest in GEC entities to Hilco for de minimis consideration; retains 19% voting and 100% economic interest.
- GEC entities filed Chapter 11 petitions; company provides $45M DIP financing subject to court approval.
- Expects to eliminate approx. $136M in annual losses from GEC segment (FY2023).
- Amends credit agreement; revolver commitments reduced from $500M to $400M; one-time cash costs up to ~$150M.
- James Fairweather, EVP & Chief Innovation Officer, to depart April 2025 with $582k separation payment.

## SEC filing metadata
- accession: 0001140361-24-036497
- form_type: 8-K
- ticker: PBI
- cik: 0000078814
- company_name: PITNEY BOWES INC /DE/
- filed_at: 2024-08-09T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/78814/000114036124036497/0001140361-24-036497-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/78814/000114036124036497/ef20033689_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-24-036497
- JSON: https://secwatch.observer/filing/0001140361-24-036497.json
- Plain text: https://secwatch.observer/filing/0001140361-24-036497.txt

## Key facts
- Executive change
  James Fairweather departed as Executive Vice President and Chief Innovation Officer at PITNEY BOWES INC /DE/.
  - Action: will end
  - Role: Executive Vice President and Chief Innovation Officer
  source text: The employment of James Fairweather as Executive Vice President and Chief Innovation Officer at the Company will end, effective April 1, 2025
  evidence_url: https://www.sec.gov/Archives/edgar/data/78814/000114036124036497/0001140361-24-036497-index.htm
- M&A Transactions
  PITNEY BOWES INC /DE/ completed a disposition involving Hilco Commercial Industrial, LLC for de minimis consideration (closed 2024-08-08).
  - Action: disposition
  - Counterparty: Hilco Commercial Industrial, LLC
  - Consideration: de minimis consideration
  - Closing: 2024-08-08
  source text: an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in DRF Logistics, LLC, an entity holding a substantial majority of the Global ecommerce segment’s assets and operations (such entity, together with its subsidiary, DRF, LLC, the “Ecommerce Debtors”), for de minimis consideration (the “GEC Sale”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/78814/000114036124036497/0001140361-24-036497-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.