Paul Evans
PITNEY BOWES INC /DE/About Paul Evans
Paul J. Evans is EVP, Chief Financial Officer and Treasurer of Pitney Bowes (effective July 29, 2025), after serving as a director since October 2024 and Chair of the Audit Committee; he is 57, a CPA and U.S. Army veteran with a B.B.A. in Accounting (Stephen F. Austin State University) and a Masters of International Management (Thunderbird) . PBI delivered strong pay-for-performance alignment in 2024 with TSR of 70.63%, Adjusted EBIT up 25% to $385M, and Adjusted EPS up 34% to $0.82, while revenue declined 3% to $2.027B; the CFO role is positioned to extend these cash and profitability gains . Evans’ prior roles include public company CFO/CAO (MYR Group), COO (America’s Auto Auction), interim CEO (Hill International), and finance leadership at NorthWestern Energy, Duke Energy North America, and NRG Energy, underscoring deep capital allocation and operational execution credentials .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| America’s Auto Auction Group | COO; Director | Jan 2023–Oct 2023 | Oversaw strategy and operations at nationwide automotive remarketer . |
| America’s Auto Auction Group | Executive Consultant | Apr 2022–Dec 2022 | Drove operational initiatives pre-COO appointment . |
| Hill International, Inc. (NYSE: HIL) | Director | Aug 2016–Dec 2022 | Governance during transformation of consulting/construction services firm . |
| Hill International, Inc. | Interim CEO | May 2017–Oct 2018 | Led turnaround/execution across the portfolio . |
| Sevan Multi-Site Solutions | CFO; Director | Apr 2020–Aug 2021 | PE-backed design/program/construction services; capital structure stewardship . |
| MYR Group, Inc. (NASDAQ: MYRG) | Principal Financial & Chief Accounting Officer | Prior | Specialty electrical construction; public company finance . |
| Conex Energy Corporation | CEO | Prior | Developed renewable energy projects; project execution . |
| NorthWestern Energy (NASDAQ: NWE) | Treasurer & Corporate Officer | Prior | Utility finance; liquidity and capital markets . |
| Duke Energy North America | VP Finance | Prior | Energy subsidiary finance leadership . |
| NRG Energy, Inc. (NYSE: NRG) | Executive Director of Finance | Prior | Corporate finance and capital allocation . |
| FSS Capital, LLC | Managing Member | 2021–present | Business advisory, construction financing, and venture capital management . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| GameStop Corp. (NYSE: GME) | Director | Jun 2020–Jun 2021 | Board role during recapitalization; debt reduction and value creation focus . |
| Hill International, Inc. (NYSE: HIL) | Director | Aug 2016–Dec 2022 | Governance and transformation support . |
Fixed Compensation
| Component | 2024 (Director) | 2025 (CFO) |
|---|---|---|
| Cash retainer | $18,885 (pro‑rated cash fees) | Base salary $600,000 . |
| Equity retainer | $52,329 grant-date RSU value; 6,805 RSUs granted Nov 21, 2024 | n/a (executive) |
| Legal fee reimbursement | n/a | Up to $10,000 reimbursed for negotiation fees . |
| Benefits | Director plan eligibility | Flexible benefits program; Deferred Incentive Savings Plan; Executive financial counseling; D&O insurance coverage . |
Performance Compensation
Annual Incentive Plan (Company design and 2024 actuals)
| Metric | Weighting | Threshold | Target | Maximum | Result | Payout (% of Target) |
|---|---|---|---|---|---|---|
| Adjusted EBIT | 75% | $230M | $283M | $313M | $393M | 150.0% |
| Adjusted Revenue | 25% | $1,837M | $2,001M | $2,131M | $2,031M | 111.6% |
| Total | 100% | — | — | — | — | 140.4% (multiplier) |
CFO Annual Incentive Terms (2025)
| Item | Terms |
|---|---|
| Target opportunity | 80% of base salary . |
| Determination | Predominantly Company performance with potential modification for individual performance; eligible first payout Feb 2026, pro‑rated for 2025 hire; must be employed through payment date . |
Long‑Term Incentives (LTI) – Structure
| Instrument | Target value | Vesting schedule | Performance metrics | TSR modifier |
|---|---|---|---|---|
| RSUs | Part of $1.5M LTI target; first award within 30 days of start (pro‑rated) | 1/3 per year over 3 years (time‑based) | n/a | n/a |
| PSUs | Part of $1.5M LTI target; first award within 30 days of start (pro‑rated) | Three‑year performance cycle; committee determined | ROIC 50%, Adjusted FCF 50% (annual objectives aggregated over 3 years) | S&P 1000 percentile straight‑line: 25th→‑25%, 51st→0%, 75th→+25%; no positive modifier if absolute TSR negative . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 29,000 shares; includes open‑market purchase (~$226,072) in Nov 2024 . |
| Ownership % of SO | Less than 1% of outstanding common stock . |
| Vested vs unvested | Director RSUs: 6,805 granted Nov 21, 2024; per side letter, vested and settled on Effective Date (July 29, 2025) . |
| Stock ownership guidelines | Other Executive Officers: 2x base salary; counted shares include outright, trust, deferred compensation, and (since 2024) unvested time‑based RSUs; PSUs/options don’t count; 5‑year compliance window; retention requirement post‑vesting eliminated in 2024 . |
| Hedging/pledging | Prohibited for directors and executive officers; no margin accounts or pledging permitted . |
Employment Terms
| Provision | Terms |
|---|---|
| Start date | CFO appointment effective July 29, 2025 . |
| Position grade | Band level I . |
| Base salary | $600,000 . |
| Annual incentive | Target 80% of base; predominantly Company performance; pro‑rated for 2025; payable Feb each year subject to employment at payment . |
| Long‑term incentive | Target $1,500,000; mix of RSUs and PSUs (and/or other vehicles) matching senior executive proportions; first grant within 30 days of start, pro‑rated . |
| Vesting (RSUs/PSUs) | RSUs vest 1/3 annually over 3 years; PSUs on 3‑year cycle with final vesting in the February after cycle completion . |
| Deferred compensation | Eligible for Deferred Incentive Savings Plan to defer annual and long‑term cash incentives . |
| Other benefits | Executive financial counseling; D&O coverage . |
| Director RSUs treatment | Director RSUs vest and settle on Effective Date upon transition to CFO . |
| Clawbacks | Compensation Recoupment Policy adopted Sept 11, 2023 requires recovery upon accounting restatement and permits recovery for misconduct; applies to equity plans and KEIP ; Amended 2024 Stock Plan includes forfeiture/recoupment for misconduct/violations/restatements . |
| Severance (general plan) | U.S. Severance Pay Plan provides a minimum of 2 weeks salary; NEOs (other than CEO) eligible up to 1x base pay for the year of termination (inclusive of plan benefits); maximum salary continuation up to 2 years . |
| Equity on termination (general) | For NEOs other than CEO: RSUs outstanding ≥12 months may continue vesting up to 24 months; PSUs ≥12 months pro‑rated and vest at end of cycle; Options vest/exercise per plan; KEIP CIUs pro‑rated . |
| Change‑of‑control (CIC) | Double‑trigger (termination without cause or resignation for good reason within 2 years post‑CIC); RSUs vest; PSUs vest at target; Options/SARs vest; if no termination, conversion timing aligns to normal vesting; no single‑trigger CIC; good reason process/cure defined . |
| No fixed term agreements | Executives are “at‑will”; no fixed term employment agreements . |
| No tax gross‑ups | No tax gross‑ups on CIC payments . |
| Grant timing & MNPI | Grants typically ≥10 trading days post earnings; average 10‑day price used; oversight to avoid granting around MNPI disclosures . |
Investment Implications
- Pay‑for‑performance alignment: Evans’ package mixes cash (base + AIP, mostly Company performance) with meaningful equity (RSUs/PSUs), with PSUs tied to ROIC and Adjusted FCF, plus a relative TSR modifier that penalizes sub‑median performance—supporting disciplined capital allocation and cash generation focus .
- Retention and selling pressure: Director RSUs (6,805) vested on CFO start date, but executive ownership guidelines (2x salary over five years) and strict prohibition on hedging/pledging constrain short‑term selling and reinforce alignment; near‑term selling pressure from this vest is de minimis versus Company buybacks and dividend increases .
- Governance risk mitigants: Double‑trigger CIC, clawbacks, no tax gross‑ups, and no fixed‑term contracts reduce parachute and entrenchment risk; severance capped (NEOs up to 1x base under Severance Pay Plan) and equity vesting rules discourage windfalls, balancing retention with shareholder protection .
- Execution track record: Evans’ prior CFO/CEO/board roles and the Company’s 2024 TSR (+70.63%) and Adjusted EBIT (+25%) improvement suggest strong operational and capital discipline; his elevation from Audit Chair to CFO—paired with active deleveraging and capital returns—signals continued emphasis on profitability, FCF, and balance sheet optimization .
- Watch items: LTI share authorization increase (Amended 2024 Plan) elevates potential dilution over 2–3 years, though burn rate (~2.15% three‑year average) and plan guardrails (no option repricing; one‑year minimum vesting) moderate risk; monitor PSU goal rigor and TSR outcomes versus S&P 1000 .