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Pitney Bowes Annual Report 20132
Letter to Shareholders
Since arriving last year at Pitney Bowes, I have been impressed by our capacity for transformation, and I am
pleased with the way the company has risen to the challenge. Our progress is the result of many things, but most
of all, the actions of our people, as well as the goodwill of 1.5 million clients in more than 100 countries, who believe
very strongly in the value we are able to offer. As realists, we know the road is long and that living up to our promise
is not a sprint, but a journey. Nevertheless, we believe our results are clear evidence that we are on the right track
and in excellent position to capture opportunities that seem tailor-made for Pitney Bowes.
By continuing to stabilize the mailing business, we create the opportunity to strengthen the businesses that will
be the fi nancial foundation of our company for the foreseeable future.
As we improve our operations, we have the opportunity to create a level of client service and satisfaction that,
globally, is second to none, while becoming even more effi cient.
Finally, by continuing to support global commerce through a unique range of enabling solutions, we have a clear
capacity for accelerated growth, particularly in the digital world. Overall, digital commerce represents a $40 billion
market opportunity. It is a burgeoning sector that, in many ways (and in many places), is just getting started.
Client-focused innovation
At Pitney Bowes, when we discuss our objectives and how, as a company, we will achieve them, the words that
come to mind — innovation, value, client focus — are hardly uncommon. However, for us, they have very specifi c and
very powerful meaning. They are fundamental to our culture, they are the bedrock of our strategy, and they are the
touchstones of our future success.
Innovation, for example, is not merely a matter of having good ideas that no one else has thought of. It is the creation
of something new at the intersection of business insight and invention — that is, the place where our own ideas
cross paths with what clients actually say they need. In this way we are able to innovate in ways that have unique
client value.
(left to right) Bill Hughes, Lila Snyder, Christoph Stehmann,
Abby Kohnstamm, Roger Pilc, and Mark Shearer
(left to right) Deborah Pfeiffer, Mark Wright, Daniel Goldstein,
Joseph Schmitt, and Johnna Torsone
Senior Management Team