Dive Brief:
- Global shipping and mailing company Pitney Bowes CFO Ana Maria Chadwick resigned from her position to take a new role at another unnamed organization, according to a company press release Tuesday. She is stepping down after about three years in the role, effective Tuesday, but will remain at the company to assist in the transition until April 21.
- The Stamford, Connecticut-based company named John Witek, 64, interim CFO and is workiing with executive search firm Crist Kolder to find a permanent replacement for Chadwick, according to a Securities and Exchange Commission filing. Witek joined the company in 2019 and has served as head of global business services since February 2023.
- The news comes roughly five months after the company kicked off an executive search for a permanent replacement for CEO Marc Lautenbach after he stepped down. Jason Dies, who most recently served as the company’s executive vice president and as group president, was named interim CEO in October.
Dive Insight:
Chadwick’s departure adds more leadership churn at the top of the more than one-century old company that has sought to expand beyond its postage meter roots into shipping and e-commerce services.
A former GE Capital exec, Chadwick joined Pitney Bowes in 2021. In a 2022 interview, she told CFO Dive that her strategy included using automation and other levers she could control to strengthen margins and offset headwinds that she couldn’t control — such as inflation as well as pricing, which the company did not yet have the market share to dictate.
In the release Tuesday, the company said it will look for a permanent CFO with experience in business transformation, capital allocation and efficiency, cost containment, debt management and reduction, strategic restructurings, and transactions.
In a statement in the release, Dies called Witek the “ideal person” to take the interim finance chief position. “He understands the importance of efficiency and knows how to put a business on a tangible path to consistent profitability. I have every confidence that we will benefit from John in this role as the Company explores new opportunities for capital and operational efficiency,” Dies said in the statement.
To compensate Witek for his increased responsibilities as interim CFO, he will receive a monthly cash stipend of $30,000, according to the SEC filing. Witek will also serve as the principal financial officer during his term as interim CFO, but will step down from his role heading up global business services while serving as temporary CFO.
The company’s finances have been under pressure. Last month, Pitney Bowes reported fourth quarter revenue fell 4% to $872 million year-over-year as well as a loss of $1.27 in GAAP earnings per share compared to $0.04 in the year-earlier period. The fourth quarter GAAP EPS included a loss of $1.24 for a non-cash goodwill impairment charge and $0.08 for restructuring charges.
In an email response to a question about whether the company was speeding up the search process given the fact that it now has two interim C-suite execs, a company spokesperson said Pitney Bowes is “focused on hiring the right leaders in an expeditious manner” but declined to specify when new permanent candidates would be announced. The spokesperson also said Chadwick’s new employer was expected to announce her arrival later this week.
