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1Pitney Bowes Annual Report 2014
Fellow shareholders:
In today’s competitive market, few companies get a second act,
much less a second century. Some of the most iconic companies
have survived and prospered for more than 100 years — companies
like Procter & Gamble, 3M, ExxonMobil, and General Electric. One
study found that fewer than 1 in 10 publicly traded companies in
the U.S. are 100 years old or older.
What sets these companies apart? It is the ability to adapt and succeed in the face of changing markets,
disruptive technologies and new business models — not just once or twice, but consistently over the decades.
As we approach our second century as an industry leader, you won’t fi nd any complacency on our part.
We know there is no manifest destiny for corporations. We have to earn our leadership and continued
longevity every day. This is why we’re working so hard to transform Pitney Bowes — to achieve our vision
of delivering innovative physical and digital products and solutions to our clients around the world.
To us, longevity is less a goal but more a symbol of what we’re able to do for our clients and shareholders,
day in and day out.
Disruption and Transformation
To build a strong bridge to our second century, we need to have solid footings in both the physical and digital
worlds. We have to be successful in our traditional businesses, like mailing, as we build new leadership positions
in software and digital commerce. Our clients need us to be great at both.
Much has changed since Arthur Pitney joined Walter Bowes to commercialize the fi rst postage meter and
create the modern mailing industry we lead today. For decades, business was a series of predominantly physical
transactions until the Internet and e-commerce disrupted the business models most companies knew best and
created a world of vast new possibilities — and new competitors.
Marc B. Lautenbach
President and Chief
Executive O cer
Michael Monahan
Executive Vice President,
Chief Operating O cer
and Chief Financial O cer