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  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
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  "notes": "Uses before-after framing to contrast pre-GEC and GEC strategy periods.",
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      "text": "EBIT (2012 - 2022)",
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      "text": "Total Stockholder Return (“TSR”) of PBI vs. S&P 500 After 2015 Borderfree Acquisition",
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      "text": "Moody’s Senior Unsecured Regular Bond/Debenture",
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      "text": "Source: 2012-2022 10-K filings; TSR data from CapitalIQ (“CapIQ”); S&P PBI Outlook report.",
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      "text": "CEO Marc Lautenbach and the Board of Directors (the “Board”) have presided over significant stockholder value destruction as a result of their strategy over the past eight years.",
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      "text": "Leadership’s GEC-Focused Strategy Has Failed",
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