Pitney-Bowes (PBI) Announces Board Changes

On March 31, 2024, William S. Simon, a member of the Board of Directors (the “Board”) of Pitney-Bowes (NYSE: PBI), notified the Company of his resignation from the Board, effective immediately. Mr. Simon is resigning in order to spend time on his other commitments, and his resignation is not the result of any disagreement with the Company on any matter relating to operations, policies or practices. The Company and the Board thank Mr. Simon for his expertise and insight pertaining to its strategic restructuring efforts during this time of transformation.

Appointment of New Director

On April 4, 2024, the Company announced that the Board appointed Lance E. Rosenzweig as an independent director to fill the vacancy created by Mr. Simon’s resignation, effective immediately. Mr. Rosenzweig’s appointment was made in accordance with the Company’s Amended and Restated By-Laws and pursuant to Section 1(c) the Company’s Cooperation Agreement with Hestia Capital Partners, LP and each of the persons set forth on Exhibit A thereto (the “Cooperation Agreement”). Mr. Rosenzweig will be deemed to replace Mr. Simon as a Replacement Director under the Cooperation Agreement. The Board has determined that Mr. Rosenzweig is an independent director in line with the Company’s governance principles and the New York Stock Exchange’s applicable listing standards. Mr. Rosenzweig will initially serve as a director until the 2024 Annual Meeting of Shareholders (the “2024 Annual Meeting”) or his earlier death, resignation or removal. The Company plans to nominate Mr. Rosenzweig for election to the Board at the 2024 Annual Meeting.

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