Dallas, Texas 10/18/2013 (Financialstrend) – On October 16, the S&P 500 tracked Pitney Bowes Inc. (NYSE:PBI) announced a new appointment. While the announcement talked about Christoph Stehmann stepping in as President of E commerce and shipping solutions. Prior to taking up his new responsibilities, Mr Stehmann was heading the Document messaging technologies team of Pitney in his role as a President. This role was recently carved out by the $3.59 billion market capped technology services provider. But long time market watchers are reading this announcement as an indication of the strong push that Pitney is giving for developing a stronger e commerce revenue stream for its products.
Underscoring the importance of the newly created division to the company, President and Chief Executive Officer of Pitney Bowes Marc Lutenbach has commented that “Ecommerce and shipping are critical to our growth today and going forward. With this announcement, we are aggregating and creating synergy across the most significant new business designs in the company to create new value for our clients and growth for Pitney Bowes. Christoph will help us drive additional growth in these areas as we move ahead to help us unlock value for our clients, shareholders and employees.”
In order to sustain and grow its successful Document Messaging Technologies division, Pitney has brought in Lila Snyder as President. Snyder was formerly with McKinsey & Company, Inc. In her new role, Snyder will drive the expansion of global production mail business. As part of the division she will have oversight on the designing, manufacture and servicing of printing equipment. This will in turn lead Snyder into taking on entrenched printer manufacturers like Xerox and Lexmark.
Pitney Bowes has been developing its product portfolio to better serve its small and emerging customers who leverage its tech solutions to establish a constant connect with its customers. As of October 17 close of business, PBI stock was trading at $19.62 per share.