{
  "docId": "019f6b8f-21c6-754a-b250-06b25ce76c19",
  "docSlug": "jarvis-hestia-pitney-bowes-presentation-april-2023",
  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
  "authorId": "hestia-pitney-bowes-presentation-april-2023",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-04-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 37,
  "pageCount": 116,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a numbered list to build a narrative of failure, contrasting management's stated vision with the financial outcome.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-21c6-754a-b250-06b25ce76c19/37",
  "deckHref": "/decks/019f6b8f-21c6-754a-b250-06b25ce76c19",
  "deckJsonHref": "/decks/019f6b8f-21c6-754a-b250-06b25ce76c19.json",
  "deckAnchorHref": "/decks/019f6b8f-21c6-754a-b250-06b25ce76c19#slide-37",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.96,
        "x": 0.02,
        "y": 0.8
      },
      "kind": "callout",
      "text": "In its letter dated March 14, 2023, the Board pointed to Borderfree as an example of their “foresight” – despite selling at a $295 million loss and failing to learn from its prior employment contracts’ missteps.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "121a7f34-d368-4ef6-a66d-b83043328843",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.25,
        "x": 0.73,
        "y": 0.15
      },
      "kind": "image",
      "text": "Wall Street Journal and Business Journals clippings",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01cddabf-6bca-4bde-9ca1-41b9c9515031",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.7,
        "x": 0.02,
        "y": 0.15
      },
      "kind": "list",
      "text": "1. In 2015, the Company purchased Borderfree as part of the GEC growth strategy for $395 million.\n2. At the time of the acquisition, Mr. Lautenbach stated: ...\n3. As part of this deal, key Borderfree executives were only signed to six-month employment agreements...\n4. Just eight years later in 2022, following a 60% decline in Borderfree’s revenue, it was sold for $100 million to Global-e.\n5. And yet, two years later, Pitney Bowes bought Newgistics and signed executives to six-month employment contracts.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dde3fc73-e98b-4425-ada2-5991a3fae4b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.5,
        "x": 0.16,
        "y": 0.3
      },
      "kind": "quote",
      "text": "The acquisition of Borderfree not only makes sense for our clients, it accelerates our strategic vision to grow our company through expansion of our digital commerce businesses...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd533d77-4940-431f-adbd-88cb3da2422e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company filings; The Wall Street Journal, Pitney Bowes Agrees to Buy Borderfree For $395 Million; Westchester & Fairfield County Business Journals, Pitney Bowes sells Borderfree business for $100M.",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "65a19b60-8764-4e04-8cca-c26c5ba68b4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.02,
        "y": 0.03
      },
      "kind": "title",
      "text": "Borderfree Acquisition: A Forgotten Lesson",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18c41b6e-8e02-4528-b45d-f750df29bf14",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "feb1e23f-541b-4449-8fb3-353891e7a69b",
      "evidence": "Contrasts CEO quote about strategic vision with the subsequent financial loss and operational failure.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 50,
      "from": 15,
      "beatId": "f7e7557e-cfab-4660-95ee-b5f0b55c79f0",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problems, highlighting the failures of the current leadership and the consequences of inaction.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}