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3Pitney Bowes Annual Report 2012
Fellow shareholders:
I am honored and excited to report to you as the new president
and chief executive officer of Pitney Bowes. I came here because
I saw a company with enormous promise and unique strengths.
We have not performed to our potential in recent years as
disruptive technologies have radically altered traditional
modes of communication and commerce. Yet the opportunities
remain immense for a company that understands this complex
new world, makes the right strategic choices and executes
with discipline. Given our extraordinary legacy, global customer
base and untold capacity for innovation, I am convinced that
Pitney Bowes can be that company.
The evidence is all around me. We have a terrific portfolio of best-in-class technologies,
from location intelligence, data quality and international e-commerce—capabilities built
on years of investment in research and development. We have more than 1.5 million clients
in over 100 countries—a large, diverse and valuable client base. We have a high recurring
revenue stream, enviable margins and strong market share in the modern mailing industry
that Pitney Bowes helped invent nearly a century ago. Most important, we have fantastic
employees eager to contribute and full of good ideas. These are the ingredients for a very
successful company.
Marc B. Lautenbach
President and
Chief Executive Officer