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  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
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  "presentationDate": "2023-04-01 00:00:00",
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  "notes": "Includes a direct quote from the CEO and a reference to a 2017 article to highlight long-term stagnation.",
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      "kind": "callout",
      "text": "At the same time, Mr. Lautenbach says executives cannot run around terrified that every decision they make is going to cost them their job. “When you get to the point in a job or a career where you realize that the worst they can do is fire you, it is liberating to a degree,” he says. “Life will go on. You’ll likely find another job. Your dogs will still like you.”",
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      "text": "This article was published in Spring 2017 – almost six years ago – and Mr. Lautenbach's unwillingness to “change course” has done nothing but continue to destroy stockholder value.",
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      "text": "Mr. Lautenbach has overseen TSR of approximately -50% during his 10+ years as CEO. His inflexibility and unwillingness to adapt management's strategy and course correct has led the Company down a path of long-term value destruction.",
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      "text": "Furthermore, we have to question Mr. Lautenbach's laid-back approach to the Company's success as he has comes to terms with the fact that “the worst they can do is fire you” - an unlikely outcome, given the Board has become increasingly interlocked and Mr. Lautenbach's longtime, close professional ally was just appointed as Chair.",
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      "text": "Pitney Bowes' transformation has not happened as quickly as executives would hope. In addition to a slight drop in revenue in recent years, the Company's stock has also lost value from more than $22 per share early in Mr. Lautenbach's tenure to around $13 a share more recently. And yet, Mr. Lautenbach does not plan to change course.",
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      "text": "Mr. Lautenbach's commitment to a strategy that has destroyed value for stockholders is a sign of failed leadership, in our view - and it's time to change course.",
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      "text": "Mr. Lautenbach's Continued Commitment to a Failed Strategy Has Only Hurt Pitney Bowes Stockholders",
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