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Pitney Bowes Holds 86th Annual Meeting of Stockholders

Tuesday, May 09, 2006

Press release from the issuing company

STAMFORD, Conn., May 8 -- Today, Pitney Bowes Inc. held its 86th Annual Meeting of Stockholders at its Stamford-based headquarters. Chairman and CEO Michael J. Critelli discussed the company's solid performance in 2005 and its exciting growth opportunities throughout the mailstream in 2006 and beyond. "As a result of our ongoing success in executing our growth strategies, we are serving more customers, with more solutions, in more segments of the mailstream than ever before," Mr. Critelli said. "Given the foundation for growth that we have laid over the last few years, and our solid performance in 2005, we are confident in our ability to leverage the numerous growth opportunities which lie ahead." Mr. Critelli noted that during the past five years, the company has completed 59 acquisitions totaling more than $1.8 billion, refreshed virtually its entire product line, and developed new services tailored to industries with unique mail and document management needs. "The mailstream is immense, diverse and rapidly changing," Mr. Critelli said. "And with our leading-edge technology and operational expertise, nobody is in a better position than Pitney Bowes to capitalize on the opportunities across every facet of the mailstream." During the meeting, David B. Snow, Jr., Chairman and CEO of Medco Health Solutions, Inc. was elected to the Board of Directors for a three-year term. Medco, with revenue of nearly $38 billion, is one of the nation's leading pharmacy benefit managers, operating the largest mail-order pharmacy and the largest specialty pharmacy in the country. Mr. Snow's career in health care spans 25 years and includes executive leadership roles for companies that include Oxford Health Plans, American International Healthcare Inc., and U.S. Healthcare, Inc. Prior to joining Medco in March 2003, he was President and Chief Operating Officer of Wellchoice, Inc. (formerly EmpireBlue Cross BlueShield). In other business related to the composition of the Board of Directors, stockholders also elected three directors to three-year terms: Anne Sutherland Fuchs, a consultant to private equity firms; James H. Keyes, Retired Chairman, Johnson Controls, Inc.; and David L. Shedlarz, Vice Chairman, Pfizer Inc. Mr. Critelli also acknowledged the retirement of Colin G. Campbell after 29 years as a member of the Board of Directors. Mr. Campbell is Chairman and President of The Colonial Williamsburg Foundation. He previously served as President of the Rockefeller Brothers Fund. In other stockholder actions during the meeting, Pricewaterhouse Coopers LLP was appointed as the company's independent registered public accounting firm for 2006. Stockholders also approved an amended executive incentive plan and a stock purchase plan for employees in the United Kingdom.

 

 

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