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    David Steinhardt

    Managing Director and Portfolio Manager at Contrarian Capital Management, L.L.C.

    David Steinhardt is a Managing Director and Portfolio Manager at Contrarian Capital Management, L.L.C., where he leads the Contrarian Valdis Fund with a specialization in value-oriented, event-driven equity and distressed debt investments. He has covered companies including Pitney Bowes and has built a track record managing complex portfolios since joining Contrarian in 2022, following analyst and director roles at Litespeed Management, Alden Global Capital, and Perella Weinberg Partners. Steinhardt's credentials include an MBA from Columbia Business School—where he was part of the Value Investing and Private Equity Fellows Programs—and a magna cum laude BA from the University of Pennsylvania. His career highlights an expertise in developed markets and asset-based value strategies, although specific public performance metrics are undisclosed.

    David Steinhardt's questions to PITNEY BOWES INC /DE/ (PBI) leadership

    David Steinhardt's questions to PITNEY BOWES INC /DE/ (PBI) leadership • Q2 2025

    Question

    David Steinhardt of Contrarian Capital Management asked about the potential synergies between the Presort and SendTech businesses as part of the strategic review and inquired if the new $400 million share repurchase authorization has an expiration date.

    Answer

    CFO Paul Evans responded that he sees an opportunity for the businesses to complement each other in a way not yet recognized by the market. CEO Kurt Wolf added that while they are exploring potential synergies like cross-selling, they are proceeding cautiously. Wolf also confirmed that there is no expiration date tied to the new share repurchase authorization.

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    David Steinhardt's questions to PITNEY BOWES INC /DE/ (PBI) leadership • Q1 2025

    Question

    David Steinhardt of Contrarian Capital Management asked about the average price of recent share repurchases, the capital allocation framework and target debt levels after achieving sub-3x leverage, and the path to a credit rating upgrade.

    Answer

    Executive Robert Gold stated the share repurchase price would be detailed in the 10-Q. CEO Lance Rosenzweig noted it's too early to provide specific long-term guidance on capital allocation or debt levels but stressed that all investments must meet a high ROI bar. Regarding credit ratings, Gold shared that agencies want to see 'a few more quarters' of performance, though he will continue to advocate for an upgrade. Rosenzweig added that achieving an investment-grade rating is not a stated company goal.

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    David Steinhardt's questions to PITNEY BOWES INC /DE/ (PBI) leadership • Q3 2024

    Question

    David Steinhardt inquired about the completion timeline for the GEC exit, whether SendTech could return to growth in 2025, the strategy for upcoming debt reduction, and how management plans to maximize shareholder value and improve market perception.

    Answer

    CEO Lance Rosenzweig stated the GEC wind-down is progressing well and should be largely complete by year-end, though some creditor issues may take longer to optimize shareholder value. Regarding SendTech, he acknowledged revenue headwinds but noted positive earnings tailwinds without giving specific 2025 guidance. On debt, Rosenzweig explained that the company's improved credit position allows it to strategically address maturities and high-cost debt. He added that the company is earning back market credibility by delivering results, citing the GEC exit and overachieving on cost savings.

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