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  "docSlug": "jarvis-hestia-pitney-bowes-presentation-april-2023",
  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-04-01 00:00:00",
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  "pageNumber": 59,
  "pageCount": 116,
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  "nDataPoints": 12,
  "notes": "The slide uses a table to highlight specific director interlocks and a callout box to summarize the governance failure.",
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      "kind": "callout",
      "text": "Until stockholders became a threat to PBI’s clubby Board, all new directors for over a decade joined the Board with interlocks. Before their reactive refresh, this nine-person Board had eight interlocks. Five interlocks shall remain after their “refresh.”",
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      "text": "Our research suggests that the Board didn’t begin interviewing refresh candidates until December 2022 – a month after we asked for three seats and five months after we began privately calling for change at the Company.",
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      "kind": "other",
      "text": "Source: Definitive proxy filings, 2015-2020.",
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      "kind": "paragraph",
      "text": "Until the recent, Hestia-induced refresh, all new Board members during Mr. Lautenbach’s 10+ year tenure came in with interlocks, undermining their independence.",
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      "kind": "table",
      "text": "Table showing New Director, Joined Board, and Interlock(s) for Sheila Stamps, Mary Guilfoile, Robert Dutkowsky, and Linda Sanford.",
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      "kind": "title",
      "text": "Governance Lapse #3: Boardroom Interlocks (Cont.)",
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