Pitney Bowes Inc.
07/02/2024 | Press release | Distributed by Public on 07/02/2024 06:10
Management Change/Compensation Form 8 K
ITEM 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.
On June 26, 2024, Pitney Bowes Inc. (the "Company"), as part of its ongoing initiatives to accelerate value creation, approved a plan to realize cost reductions and improve efficiencies, which includes workforce reductions and other actions (the "2024 Plan").
The Company currently expects to incur aggregate one-time, pre-tax charges associated with the 2024 Plan of approximately $25 million, primarily related to cash severance costs, to be recorded in the second quarter of 2024. We anticipate incurring additional charges in future periods related to further workforce reductions and other actions. The 2024 Plan is expected to be completed by the end of the first quarter of 2025.
Forward-Looking Statements
This Current Report on Form 8-K (this "Current Report") contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including those relating to costs expected to be incurred in connection with implementation of the 2024 Plan and the timing thereof. Forward-looking statements are subject to inherent risks and uncertainties, including those discussed throughout the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission on February 20, 2024, that could cause actual results to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this Current Report speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.