Todd Everett
PITNEY BOWES INC /DE/About Todd Everett
Todd Everett (age 51) is an experienced ecommerce and logistics operator appointed EVP and President of Sending Technology Solutions (SendTech) at Pitney Bowes on September 11–15, 2025, transitioning from his role as a director (Director since 2023) . He holds a B.S. in Transportation and Logistics from Iowa State University and previously served as CEO of Newgistics (acquired by PBI in 2017), as well as in advisory roles across shipping and technology . Company performance under the ongoing turnaround has improved: 2024 TSR was 70.63%, Adjusted EBIT rose 25% to $385M, and Free Cash Flow was $290M; revenue was $2.027B, down 3% YoY as the Global Ecommerce wind-down reduced losses . Governance practices prohibit hedging/pledging; executives have stock ownership requirements (CEO 5x salary, other executive officers 2x) with a five-year compliance window .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Newgistics, Inc. (a PBI subsidiary post-2017) | CEO; COO/GM Parcel & Fulfillment; SVP Ops; Director Ops | 2005–2018 | Led profitable growth; platform became core of PBI’s Expedited shipping software after acquisition . |
| Pitney Bowes Inc. | SVP & Strategic Advisor, Commerce Services | Mar–May 2018 | Senior advisory to commerce services during integration . |
| Intel Corporation | Transportation & Outsourcing Manager | 1996–2005 | Operations excellence and supply chain leadership . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Doddle Parcel Services; Verishop; Fetch Package | Strategic Advisor | 2018–present | Ongoing advisory in ecommerce/logistics . |
| ACI Logistix | Board Member | 2020–2023 | Industry board experience . |
| WeShip Express | Member | Since Sep 2023 | Private technology shipping company . |
Fixed Compensation
| Component | 2024 Director Compensation (Cash) | 2024 Director Stock Awards | Notes |
|---|---|---|---|
| Todd Everett (Director) | $152,247 | $425,000 RSUs (grant-date fair value) | Additional RSUs for Value Enhancement Committee (VEC) work during transformation . |
As of his executive appointment in Sept 2025, the Company had not disclosed Todd Everett’s EVP compensation terms (salary, target bonus, equity) in the September 12, 2025 8-K. Expect disclosure of compensatory arrangements in subsequent filings .
Performance Compensation
| Plan | Metric | Weighting | Target/Threshold/Maximum | 2024 Actual | Payout/Mechanics |
|---|---|---|---|---|---|
| 2024 Annual Incentive (KEIP) for NEOs (plan design) | Adjusted EBIT | 75% | $230M / $283M / $313M | $393M | 150.0% of target for this metric; straight-line to 0–150% overall . |
| Adjusted Revenue | 25% | $1,837M / $2,001M / $2,131M | $2,031M | 111.6% of target for this metric . | |
| Total | — | — | — | Financial objective multiplier 140.4% for 2024 . | |
| Long-Term Incentives (LTI) | PSUs: ROIC & Adjusted FCF | 50% / 50% | Three-year cycles; annual targets aggregated; forfeiture if below threshold for a year | 2022–2024 CIU paid at 114% after TSR modifier | PSU/CIU structures emphasize ROIC, Adjusted FCF, and TSR relative modifier . |
For executives broadly: RSUs/PSUs have a one-year minimum vesting period; stock options are granted at ≥100% FMV, max 10-year term, and typically vest pro-rata over three years . CEO had one-year PSUs aligned to rapid transformation, but standard NEO PSUs are three-year cycles .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 41,532 shares for Todd Everett; no options exercisable within 60 days . |
| Ownership as % of Outstanding | <1% (company notes less than 1%) . |
| Pledging/Hedging | Prohibited for directors and executive officers; no pledged shares known . |
| Stock Ownership Guidelines | CEO 5x salary; Other Executive Officers 2x salary; All Other Covered Executives 1x; 5-year compliance window; unvested time-based RSUs count; PSUs/options do not . |
| Deferral Options | Executives may elect to defer settlement of vested RSUs/PSUs until termination/retirement; dividend equivalents deferred as RSUs . |
Employment Terms
| Term | Summary |
|---|---|
| Appointment | Appointed EVP and President, SendTech; resigned from the Board in connection with executive appointment (effective Sept 14–15, 2025) . |
| Severance (Senior Executive Severance Policy) | Up to 1x base pay for NEOs (CEO up to 1.5x) under Severance Pay Plan; broader policy provides continuation based on service; agreement/waiver required for enhanced benefits . |
| Change-of-Control (Double Trigger) | On termination within two years of CoC: 2x base salary + 2x target annual incentive; benefits and outplacement; equity: PSUs vest at target, RSUs/options vest or convert per plan; “best net” approach to avoid tax gross-up . |
| Clawback | Forfeiture/recoupment for gross misconduct, violation of non-compete/non-solicit/confidentiality agreements, and SEC-required restatements (regardless of fault) . |
| Non-Compete / Non-Solicit | Incorporated via Proprietary Interest Protection Agreement referenced in plan clawback framework . |
| Perquisites | Company states “no material executive perquisites” in compensation governance practices . |
Board Governance (as Director, 2024–2025)
| Committee | Membership | Chair Role |
|---|---|---|
| Audit | Member | Chair: Paul Evans . |
| Executive Compensation | Member | Chair: Kurt Wolf . |
| Value Enhancement Committee (VEC) | Member | Chair: Kurt Wolf . |
| Governance | Member | Chair: Julie Schoenfeld . |
- Each director attended at least 75% of Board and committee meetings in 2024; directors met extensively during transformation (35 Board and 23 committee meetings) .
- 2025 say-on-pay approval: 103.26M For, 9.23M Against, 0.34M Abstain; Amended 2024 Stock Plan approved (93.95M For, 18.58M Against) .
Company Performance Context (3-year, for pay-for-performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $2,208,375,000* | $1,807,728,000* | $1,756,705,000* |
| EBITDA (USD) | $387,261,000* | $340,495,000* | $337,890,000* |
Values retrieved from S&P Global.*
Investment Implications
- Compensation alignment: Executive incentive frameworks emphasize cash generation and capital efficiency (Adjusted FCF, ROIC) and operational profitability (Adjusted EBIT), reducing pay leakage to non-financial objectives; equity-heavy LTI mix and option strike policy limit windfalls and align upside with execution .
- Retention and selling pressure: Prohibition on hedging/pledging and 2x salary ownership guideline for executive officers curbs misalignment; Everett’s prior open-market share purchases indicate alignment; absence of disclosed Form 4 selling plus ban on pledging reduces forced-sale risk .
- Change-of-control economics: Double-trigger protections with 2x salary+bonus and target-level equity acceleration create potential event-driven payouts; clawback and “best net” approach improve governance optics (no tax gross-ups) .
- Execution track record: Newgistics leadership and shipping software experience support SendTech’s profitable growth aims; Company-level 2024 TSR and FCF inflection suggest favorable backdrop for performance-linked payouts; however, revenue contraction and segment restructuring underscore operational risk in the transition .
Key data sources: PBI 2025 DEF 14A (Compensation, governance, ownership, policies) ; 8-Ks on Annual Meeting voting and executive transitions .