pitney bowes

Fortune Staff

This year’s Fortune 500 marks the 68th running of the list.

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Pitney Bowes | 2022 Fortune 500

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Pitney Bowes

Pitney Bowes | 2022 Fortune 500 | Fortune

Fortune Editors

Fortune Live for December 8, 2016: Starbucks’ Future, Holiday Shopping & Craft Beer

/2016/12/08/fortune-live-december-8-2016/

Stacey Higginbotham

Pitney Bowes Signs, Seals, and Delivers on Smart Postage Machines

/2016/01/26/pitney-bowes-postage-connected-machines/

 Marc, you're trying to reinvent Pitney Bowes. And what kind of leadership skills does this take to pull this off? Well, first of all, you need to have great team. So I would say the first characteristic of leadership in general, and certainly at Pitney Bowes, is you need to assemble the right set of skills around you in order to get to that next chapter. The second is that there needs to be a vision that unifies people. But both a business vision that candidly, I would say at most companies, but particularly true at Pitney Bowes, what is your true north? What is the culture? What are the values that are important to the institution? And then the third is resilience. Transformations are not straight lines. They're difficult. Most companies don't make them. So you inevitably have bumps in the road. But you've got to dust yourself off, and then get back on the horse, and go. What are you doing to keep the most valuable people so that they don't bail out? It's a great question. And I worry about that every day. I would tell you, we've seen the opposite. So when I came four years ago, we needed to make a lot of quick changes in the leadership team. So people said, OK, I'll come for two or three years. And what I found is two or three years became three or four years, it's now become four or five years. People really believe in what we're doing. How do you keep up with all the changes going on in technology? Are there things that you read, sources you go to, are there special people you talk to? Yeah. I think-- listen, I read a lot. I still have a lot of friends broadly in the technology industry. I go out to Silicon Valley probably three or four times a year. So you talk to as many different people. You talk to a lot of the startups, just kind of see where the money is going. You talk to the venture capital guys. So it's not a single source, but it's hard. And you've got to stay current, because it does move so quickly. Mm-hmm. It seems like you're also trying to change the culture of Pitney Bowes into a culture of innovation. So what do you say to everyone at all levels of the company to try new things, rather than doing everything the old fashioned way? To help people understand that listen, if you're going to be in business you have to take risks. There is no choice. And standing still is a risk. So we prefer to make risks thoughtfully of commission as opposed omission. And the second is speed. So we're all about if you're going to fail, fail fast. And fail fast in a measured kind of way. And to make that OK. So those are the two aspects of innovation that we've worked on, risk taking and speed. And how do you communicate that message? Do you have any kind of special techniques, whether it's telling stories, or storytelling? What is your technique to get that message across? The most effective way to change culture-- and all the literature supports this-- is storytelling. So we have a meeting every 90 days with all the senior executives. And we go back through what happened over the last 90 days, what's going to happen in the next 90 days. And I would say for the first couple of years, the meetings were very stilted. People were anxious. They were nervous. We've finally gotten to the point where now people are confident to talk about what's worked, what didn't work. They know the world's not going to end. So you have information sharing, and all of a sudden they're telling the stories to one another. So it's not just me. Marc, you've spent a couple of decades at IBM and now you're at Pitney Bowes, and you must have had a lot of-- gotten a lot of advice along the way. What's the best leadership advice you've ever received and why has it resonated with you? The best leadership advice I ever got was from my dad. And his advice was very simple-- get the best team around you that you possibly can and let them do their work-- help them. I very much believe in the concept of leadership as a service. So you try to make people better and you try to make that improvement enduring. But the advice was very clear, and it was get the best team that you can. 

Pitney Bowes' CEO Wants Employees to Take More Risks

Leadership

mark, you're tryingto reinvent Pitney bows. And what kind of leadership skills does this take to pull this off? Well, first, I need to have a great team. So I would say the first characteristic of leadership in general and certainly Pitney Bose is you need to assemble the rights that skills around you in order to get to that next chapter. The second is that there needs to be a vision that unifies people, but both a business vision that candidly, I would say at most companies, but particular to a pity. Because what is your true North? What is the culture where the values that are important, uh, to the institution and then the third is resilience? Transformations are not straight lines. They're difficult. Most companies don't make them, so you inevitably have bumps in the road, but you have dust yourself off on Get back on the horse on go. What are you doing to keep the most valuable people says that they don't bail out. It's a great question, and I worry about that every day. I would tell you we've seen the opposite, so when I came four years ago, we needed to make a lot of quick changes in the leadership team. So people said, you know OK, I'll come for two or three years and what I found is two or three years became three or four years now, become four or five years. People really believe in what we're doing. How did you keep up with all the changes going on in technology? Are there things that you read sources? You go to our They're special people you talk to. Yeah, I think I read a lot. I still have a lot of friends broadly in the technology industry, I go out to Silicon Valley probably three or four times a year. So you talked to many different people. You talk to a lot of startups, just kind of see where the money is going to talk to the venture capital guys. So it's not a single source, but it heart, and you've got to stay current because it does move so quickly. It seems like you're also trying to change the culture of Pitney bows into a culture of innovation. So, you know, what do you say to everyone at all levels of the company to try new things rather than doing everything the old fashioned way. You help people understand that. Listen, you're gonna be a business. You have to take risks. There is no choice instead, and still is a rest. Uh, so we prefer to make, uh, risks thoughtfully of commission as opposed omission in the second of speed. So we're all about if you're gonna fail, fail fast and fell fast in a measured kind of way and to make that Okay, so those are the two aspects of innovation that we worked on risk taking in speed. And how do you communicate that message? You have any kind of special techniques, Whether it's telling stories or story telling me what is your technique to get that message across the most effective way to change culture and all the literature supports us, this story time. So we have a meeting every 90 days with all the senior executives, and we go back through what happened over the last 90 days. What's gonna happen the next 90 days? And I would say for the first couple of years that means we're very stilted. People are anxious they were nervous. Um, we've finally gotten to the point where now people are confident to talk about what's worked, what didn't work. They know the world's not going to end. So you have information sharing and all of a sudden they're telling the stories to one another. So it's not just me, Marky. You spend a couple of decades at IBM, and now you're a Pitney bows, and you must have had a lot of gotten a lot of advice along the way. What's the best leadership advice that you ever received and why has resonated with you? Best leadership advice I ever got was for my dad, and his advice was very simple. Get the best team around you that you possibly can and let them do their work. Help them. I very much believe in the concept of leadership is a service, so you try to make people better, and you try to make that improve enduring. But advice is very clear on it was good. The best team that you can

Mark when the people hear goes, they usually think the posters neither people change machines these days. I just represent the company that uses technology, that facilitates comers, more and more cross board comers, and we blanch it from there. What does it take to transform a 96 year old company into a technology company into the digital age? Pitney Bowes in some ways has always been a technology company. But to that end, as you're thinking about transforming a company, or at least as I thought about transforming Pitney Bowes. You try to realize those cores, those gems that you have, that you can pivot off of to create that next chapter. So We have been and continue to be a mail company, but there's other germs of that business that we can begin to create our new future. Well, as you talk about your future and getting into e- commerce and logistics and shipping, you're coming against some tough competition, companies like FedEx ad UPS. What's your strategy to win away business from them? Where they already have a great track record with their customers. That's a good point and Kimberly we do not think of FedEx and UPS or USPS as competitors, we actually think of them as partners. So we facilitate the transaction, we make it easier for companies To ship to optimize their shipping spend, so in some ways we're agnostic toward those companies. So, as I said, when you're thinking about who you are, it's important to realize who you're not, and we don't see ourselves as a logistics company. Company per se, we see ourselves as enabling logistics. I was interested to see that a lot of your customers are big retailers like Macy's or Saks Fifth Avenue. You don't think of them needing to come to a company like Pitney Bowes to take care of their logistics. They're already such big companies. So, why is it that they are your business customers? We solve a very complex problem for them and open up a very big opportunity. We solve a problem that starts with the cart, and the cart management, and consumers buying online, all the way through the shipping. So, there's a bunch of complicated stuff in the middle of those transactions. Customs, duties, who the right shaper is. And Pitney Baler solves all that. And if you think about the core of that solution where we started, it was one of our postage. We just moved left and right. And that tells us the recipe for how you transform a company. You takes something that you're really good at You move left and right, and you create something that is very differentiating .>> Well the one thing about technology there Mark is that there is always the next new new thing that is coming up. And how do you stay ahead of that especially with all these disruptors out there ?>> I started doing innovation very simple, and that is we work with the most sophisticated companies in the space, whether it be eBay or Herod's Sacks made us. And we asks them what are the problems that you are trying to solve? And we try to solve those problems for them. So, we don; t have the attitude that we'll cook the stuff up in our development sites. We're all. we work for the clients on the daily basis and that keep up on a cutting edge. of these problems. But still, can Pitney Bowes, given all of the changes that are going on, can Pitney Bowes continue as a standalone company? Or do you see that you may have to partner with another company? Are you open to that? Listen, our Board is open to anything that makes economic sense for our shareholders. That said, Our vision is that we're best as a stand alone company. If circumstances change, we're certainly open, but our view right now is we have the capabilities to do what we need to do on our own. [ BLANK_AUDIO ]

Pitney Bowes Is Branching Out Into the E-Commerce Market

Year	Revenues ($M)	Profits ($M)	Assets ($M)	Total Stockholder Equity ($M)
2021	$3,554.12.2%	$-181.5-193.3%	$5,220.1	$66.4
2020	$3,477.7-6.9%	$194.6-13%	$5,466.9	$286.1
2019	$3,733.95.2%	$223.7-14.4%	$5,972.9	$239.5
2018	$3,549.94.2%	$261.3181.6%	$6,678.7	$188.6
2017	$3,407-4.8%	$92.8-77.3%	$5,837	$-104

Pitney Bowes

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