Milena Alberti-Perez
PITNEY BOWES INC /DE/About Milena Alberti-Perez
Independent Non-Executive Chair of Pitney Bowes since October 2024; director since 2023. She serves on the Audit, Executive Compensation, and Value Enhancement Committees and is designated an SEC “audit committee financial expert.” Age 51. Background includes CFO roles at Getty Images (2021–2022), MediaMath (2020), and Penguin Random House (Global & U.S. CFO, 2015–2017), with prior finance roles at Lehman Brothers and Morgan Stanley.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Getty Images, Inc. | Chief Financial Officer | Jan 2021 – Jan 2022 | Led finance at global visual content company |
| MediaMath | Chief Financial Officer | Jan 2020 – Dec 2020 | CFO for programmatic ad-tech DSP |
| Penguin Random House | Global & U.S. CFO; earlier finance/publishing roles | 2001 – 2017; CFO 2015 – 2017 | Non-voting member of PRH Board and its Audit Committee as management |
| Lehman Brothers; Morgan Stanley | Financial analyst/research roles | Not disclosed | Early-career finance experience |
External Roles
| Organization | Role | Type | Status |
|---|---|---|---|
| Allurion Technologies, Inc. | Director | Public company | Current |
| Digimarc Corporation | Director | Public company | Former |
| National Public Radio (NPR) | Director | Non-profit | Current |
| Jumpstart | Director | Non-profit | Current |
Board Governance
| Topic | Detail |
|---|---|
| Board leadership | Independent Non-Executive Chair since October 2024; CEO and Chair roles separated |
| Committees | Audit (member), Executive Compensation (member), Value Enhancement Committee (member) |
| Audit expertise | Designated “Audit Committee financial expert” (SEC definition) |
| Independence | Board determined all directors other than CEO are independent under NYSE and company standards |
| Attendance | Each director attended ≥75% of Board/committee meetings in 2024; Board held 35 meetings plus 23 committee meetings; all then-directors attended May 2024 annual meeting |
| Executive sessions | Independent directors regularly met in executive session |
| Shareholder engagement | Directors (including independent) participated in outreach representing ~32% of outstanding shares in Fall 2024 |
| Anti-hedging/pledging | Hedging prohibited; directors/officers prohibited from holding PBI securities on margin or pledging as collateral |
| Related-party transactions | Policy requires Governance Committee review; no such transactions since Jan 1, 2024 |
| Activism/cooperation | 2024 Cooperation Agreement with Hestia; later “Release and Indemnification Agreement” in which Hestia agreed certain indemnification to “Indemnified Directors,” including Ms. Alberti-Perez, subject to conditions |
Fixed Compensation
| Component (2024) | Amount/Terms |
|---|---|
| Cash fees earned (2024) | $177,513 (includes base retainer, committee fees, and VEC one-time cash) |
| Non-Executive Chair retainer | $100,000 cash; plus $100,000 in RSUs (see equity below) |
| Committee membership fees | Audit membership: $12,000; Executive Compensation membership: $10,500; Governance membership: $9,000; Chair adders as listed (not applicable to Ms. Alberti-Perez) |
| Value Enhancement Committee (VEC) incremental cash | One-time $50,000 cash retainer in 2024 for non-executive VEC members |
| Director stock ownership guideline | 5× base cash retainer ($375,000) within 5 years from becoming a director |
Performance Compensation
| Equity Award (2024) | Grant Date | Shares | Grant Date Fair Value | Vesting |
|---|---|---|---|---|
| Annual director RSUs | May 6, 2024 | 18,904 | $100,000 (at $5.29/share) | Fully vests 1 year after grant under Directors’ Stock Plan |
| VEC RSUs (installment 1) | May 24, 2024 | 23,810 | $125,000 (shares = $125,000/closing price) | Fully vests 1 year after grant |
| VEC RSUs (installment 2) | Nov 21, 2024 | 26,008 | $200,000 (at $7.69/share) | Fully vests 1 year after grant |
| Total Stock Awards (2024) | $425,000 | |||
| Stock options (2024) | None granted to directors in 2024 |
Notes:
- Director equity awards are time-based RSUs; no performance-conditioned metrics disclosed for director grants. The company’s broad equity plan maintains governance safeguards (e.g., no repricing without shareholder approval; one-year minimum vesting; double-trigger CIC; clawback policy applies to plan awards) .
Other Directorships & Interlocks
| Company | Potential Interlock/Conflict with PBI |
|---|---|
| Allurion Technologies (public, medical technology) | No related-party transactions disclosed; industry not overlapping with PBI’s core segments; company states no related-party transactions since Jan 1, 2024 |
| Digimarc (former), NPR, Jumpstart | No related-party transactions disclosed |
Expertise & Qualifications
- Capital markets and corporate finance expertise; Board cites her skills as aligned to improving cash management and deleveraging; appointed as Chair to lead during transformation .
- SEC “audit committee financial expert” designation; strengthens audit oversight and risk oversight credentials .
- Senior CFO experience across media/technology; prior roles at Lehman Brothers and Morgan Stanley provide additional financial acumen .
Equity Ownership
| Ownership Detail | Amount/Status |
|---|---|
| Beneficial ownership (as of Feb 15, 2025) | 31,997 shares; less than 1% of class; no options exercisable within 60 days |
| Pledging status | “To our knowledge, none of these shares are pledged as security” |
| Open market purchases | 500 shares purchased with personal funds in Feb 2023 |
| Hedging/pledging policy | Hedging prohibited; directors/officers cannot hold PBI stock on margin or pledge as collateral |
| Ownership guideline | 5× base cash retainer ($375,000) within five years of Board service initiation |
Insider trades and open-market activity (proxy-disclosed):
| Date | Transaction | Shares | Notes |
|---|---|---|---|
| Feb 2023 | Open market purchase | 500 | Personal funds (proxy footnote) |
Governance Assessment
-
Positives:
- Independent Non-Executive Chair with deep finance background; serves on Audit and Compensation committees; designated audit committee financial expert—supports robust oversight .
- Strong governance controls: anti-hedging/pledging, director ownership guideline, independent committees; all non-CEO directors independent .
- High engagement during transformation: Board held 35 meetings and 23 committee meetings in 2024; each director met ≥75% attendance; independent executive sessions routine .
-
Watch items / potential red flags:
- Elevated 2024 director compensation reflecting transformation workload and VEC duties (additional $50,000 cash and $325,000 RSUs for VEC members) increased pay levels; ensure this structure normalizes post-transformation .
- Activism-era agreements: the Hestia Cooperation Agreement and subsequent Release and Indemnification Agreement (including Ms. Alberti-Perez as an “Indemnified Director”) are atypical and should be monitored for potential perception of conflicts, though intended to stabilize governance; arrangements are disclosed with conditions .
- No related-party transactions disclosed since Jan 1, 2024, and pledging prohibited—both positive alignment signals .