Pitney Bowes Consolidates Operating Structure
STAMFORD, Conn., September 29, 2004 - Pitney Bowes Inc. (NYSE: PBI) today unveiled the next phase of its organizational realignment to support its growth strategy. The company is consolidating all of its operating activities in a more integrated approach to its base of over two million customers worldwide. As part of this move, Michael J. Critelli, Chairman and Chief Executive Officer, recommended and the company’s Board of Directors approved the appointment of Murray D. Martin as President and Chief Operating Officer.
“This new structure is the next step in the company’s evolution for growth,” according to Michael J. Critelli, Chairman and Chief Executive Officer. “We see tremendous opportunities ahead to enhance shareholder and customer value by growing our presence in the mailstream, expanding our document management services and solutions, enlarging our footprint outside of North America, and selling more of our equipment, software, services and solutions to our existing customers. We have continued to evolve to leverage these opportunities and it follows that our organizational structure is continuing to evolve as well.
“In the first stage of our organizational realignment we segmented our operations based on customer needs. Today, I am consolidating the reporting structure for our operational segments in order to foster enterprise-wide collaboration on the customer’s behalf. I feel that this new structure will help us serve our customers more seamlessly, move toward a more integrated business model, and aggressively execute our growth strategies.”
Murray Martin is a 17-year company veteran who was most recently Executive Vice President and Group President of Pitney Bowes Global Mailstream Solutions. Martin is the right person for the job according to Critelli, “Throughout his tenure at the company, Murray has consistently delivered shareholder and customer value. Each operation that he has led has shown marked improvements in customer loyalty and satisfaction, while improving operational efficiency and profitability. Murray has been the architect of many successful acquisitions, including PSI, which allowed the company to expand into the strategically important Mail Services business. Murray also has a strong background in the document management and reprographics business, having been president of Pitney Bowes Copier Systems, President and CEO of Dictaphone Canada Ltd., as well as president of Monroe Systems for Business in Canada. His extensive experience and expertise in mailing and document management has shaped his vision for adding value to each mail piece that the company touches, and led us to identify new growth opportunities and go-to-market strategies.”
Critelli concluded, “Today’s actions are part of our evolution into a bigger and better company and I am looking forward to leading this company for a long-time to come. We are committed to all of our core businesses and confident in our strategies to grow those businesses and leverage emerging opportunities in adjacent market spaces. Our new structure is an exciting next step in truly becoming one company for growth.”
Pitney Bowes engineers the flow of communication. The company is a $4.6 billion global leader of integrated mail and document management solutions headquartered in Stamford, Connecticut. For more information about the company, its products, services and solutions, visit www.pitneybowes.com