🚀 Pitney Bowes Sells E-Commerce Fulfillment
Logistics startup Stord is buying Pitney Bowes' e-commerce fulfillment services. This news was reported by The Information and confirmed by Pitney Bowes on Friday. After-hours trading saw Pitney Bowes' stock rise by 12%. Specific terms of the deal were not disclosed.
📈 Strategic Review and Investor Pressure
Pitney Bowes is undergoing a strategic review of its Global E-commerce segment. This comes after months of pressure from activist investor Hestia Capital Management. In late May, Pitney Bowes accelerated this review process. The fulfillment services sale is just one part of this broader strategy.
👔 Leadership Changes at Pitney Bowes
In late May, Pitney Bowes appointed Lance Rosenzweig as interim CEO after Jason Dies stepped down. This change followed the election of four board nominees proposed by Hestia Capital. Hestia, which first disclosed its stake in Pitney Bowes in November, has been pushing for changes, including the sale of underperforming units.
📝 Official Statements
In a statement to Seeking Alpha, Pitney Bowes confirmed the sale of the fulfillment services business. "Pitney Bowes is still working to conclude its strategic review of the Company’s Global E-commerce business," the company said. "In the meantime, it has sold the segment’s fulfillment services business, which is a small piece of the business."
What do you think about Pitney Bowes selling its e-commerce unit?
