Pitney Bowes Stock Jumps After Naming Activist Investor Hestia’s Kurt Wolf As CEO, Retail’s Bullish

Pitney Bowes (PBI) stock surged 11.1% in extended trading on Wednesday after the company named Kurt Wolf, the founder of Hestia Capital Management, its Chief Executive Officer.

Wolf would replace Lance Rosenzweig, who will retire as CEO and director to become a consultant to the company.

Pitney Bowes, which offers digital and physical mailing services to small and large businesses, has undergone a drastic turnaround since Wolf joined its board in 2023, along with three other nominees of the activist investor Hestia.

Following his addition to the board, Wolf led a group that focused on a strategy to trim costs, pay down debt, and divest non-core assets, including selling a majority interest of its Global Ecommerce unit to financial services firm Hilco Global.

“His ability to build lasting and trusting relationships throughout all levels of Pitney Bowes gives us confidence that he will be a steady hand atop the organization,” Chair Milena Alberti-Perez said in a statement about the appointment.

The company said Wolf and other senior officials of the organization will conduct a comprehensive strategic review during the remainder of 2025.

Pitney Bowes also said it would buy back shares worth $150 million in 2025, the entire amount of its previously announced buyback plan that did not have a time limit.

Wolf has become the fourth CEO of the company in three years. He had also fought and won a proxy battle at videogame retailer GameStop and oversaw the addition of Ryan Cohen to the company’s board.

“There is so much opportunity at Pitney Bowes, and we have the right business leaders and employees to realize the potential in front of us,” Wolf said.

Retail sentiment on Stocktwits was in the ‘bullish’ (63/100) territory, while retail chatter was ‘high.’

“How can you not be confident to throw more dollars at this?” one user said.

Pitney Bowes, which also helps the U.S. Postal Service to process mail, had topped first-quarter profit estimates earlier in May.

Pitney Bowes stock has gained about 24% year to date (YTD).

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