WASHINGTON (dpa-AFX) - Shipping and mailing company Pitney Bowes Inc. (PBI) announced Wednesday the appointment of Lance Rosenzweig as the Company's interim Chief Executive Officer, effective immediately. Rosenzweig will continue to serve as a member of the Board of Directors.
In connection the appointment, Jason Dies has stepped down from the role of interim CEO and retired from the Company following years of valued service in various executive roles.
The Board believes that Rosenzweig is best positioned to accelerate the Company's transformation and drive enhanced value for shareholders as interim CEO. A new process for appointing its next permanent CEO is commencing following the recent reconstitution of the Board.
In addition, the Bard has converted its Finance Committee into a Value Enhancement Committee, which is tasked with overseeing financial, operational and strategic initiatives. Pitney Bowes has retained two nationally recognized consulting firms with financial and operational expertise.
Initial analysis has identified an additional $60 million to $100 million in potential annualized savings across the organization, apart from the Global Ecommerce (GEC) business. Pitney Bowes is working to reduce its go-forward required cash needs by approximately $200 million.
These decisions follow the reconstituted Board's assessment of ways to expedite Pitney Bowes' transformation into a more streamlined enterprise focused on its core, cash-generating segments.
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