Pitney Bowes (PBI) has issued an update.
Pitney Bowes Inc. is set to streamline operations and boost efficiency with a cost reduction plan, which includes workforce cuts, expected to result in approximately $25 million in pre-tax charges, mainly from severance costs, by the second quarter of 2024. This plan should conclude by early 2025. Additionally, the company’s former Executive VP and President of Global Ecommerce, Gregg Zegras, parted ways on June 30, 2024, and is poised to receive a year’s base salary and potential bonuses, with certain stock units vesting immediately and others over time, as per the terms of his separation agreement.
Learn more about PBI stock on TipRanks’ Stock Analysis page.
