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CNN —With untouched and natural rugged scenery, forested with pristine bays on both sides, the Datça peninsula feels a world away from the touristy towns of this popular corner of the Med. Strict laws about construction have protected Datça from large-scale tourism projects, leaving its eponymous small port town, located around midway on the peninsula, rooted in the past. Where to stayThe Palaia Hotel, a modern take on traditional Datça architecture and culture. Ayhan Altun/Moment RF/Getty ImagesIn downtown Datça, shops such as Pehlivan and Datça Köy Ürünleri sell local almonds in every form imaginable. “Datça is a peninsula, but it’s more like an island, we’re very isolated and have our own way of life,” says Boylu.
Persons: Furkan Uyan, “ I’ve, , Ismet Tekinalp, Almond, Kurabeyicisi, Kaya Balları, badem, Datça, Hestia, Hestia Mey, Yücel, Ali Somer, Ayça Boylu, Axel Korf, , Feride, Conde Nast Organizations: CNN, , Getty, Kaya, Usta, Winery, Culture, Art Academy Locations: Turkey, Marmaris, Knidos, Caria, downtown, Turkish, , Datça, Cumalı, Yaka, Knidia, Değirmenbükü, Istanbul, Lake Constance, Kinfolk
"Substantial board change is still necessary," ISS wrote in its report to investors which was seen by Reuters. Still, it is not enough, ISS wrote, adding Pitney Bowes has a "history of failing to deliver on important self-established expectations." "We strongly disagree with the recommendation of ISS that shareholders vote for such an extreme and destabilizing level of change at Pitney Bowes," company spokesman Bill Hughes said. Pitney Bowes is valued at $624 million, down from its peak of $2 billion when CEO Marc Lautenbach joined in 2012. "Shareholders have endured a decade of underperformance and disappointment, there are unanswered questions and serious concerns about the path forward," ISS wrote.
Hedge Fund Hestia Seeks Leadership Overhaul at Pitney Bowes
  + stars: | 2023-04-05 | by ( Liz Young | ) www.wsj.com   time to read: 1 min
Pitney Bowes has sought in recent years to expand its revenue beyond its core postal-related business. Here, a U.S. Postal Service facility. Hestia Capital Management LLC is calling for shipping-services company Pitney Bowes Inc. to replace its longtime chief executive and reset the company’s finances before reviewing strategic alternatives for its e-commerce business. The hedge fund on Tuesday said it is nominating Lance Rosenzweig , who Hestia said has experience in turning around underperforming companies, to replace Marc Lautenbach , president and CEO of Pitney Bowes since December 2012.
Hestia, which scored big gains on a bet on GameStop (GME.N), plans to nominate more than five candidates for election to the nine-person board of Pitney Bowes early next year. Marc Lautenbach has been CEO of Pitney Bowes for a decade and Michael Roth, the chair, has served on the board since 1995. A representative for Pitney Bowes was not immediately available for comment. read moreWolf suggested that the Pitney Bowes board consider selling the company's Global Ecommerce segment if its results did not improve, Reuters reported. Hestia believes Pitney Bowes should focus on cash-generating segments such as Presort Services, its mail aggregation business, and SendTech Solutions, its postal-meter business.
As a result, Hestia often invests in companies that might be misunderstood or not favored by the market, like GameStop, Best Buy and Pitney Bowes. Pitney Bowes' SendTech solutions business is the core enterprise that the company is generally known for: postage meters. The SendTech Solutions segment accounts for 38% of Pitney Bowes' revenue and generated $429 million in earnings before interest and taxes in 2021. Global Ecommerce comprises 46% of Pitney Bowes' revenue but lost $99 million of EBIT in 2021. Hestia will likely need more than just one board seat to drive change at Pitney Bowes.
It is not clear whether Hestia, run by Kurt Wolf, plans to nominate director candidates for election to the company's nine-member board. A Pitney Bowes spokesperson was not immediately available for comment. Pitney Bowes, which is headquartered in Stamford, Connecticut, is valued at $628 million. Wolf believes Pitney Bowes should focus on cash-generating segments like Presort Services, its mail aggregation business, and SendTech Solutions, its postage meter business. Securities filings show that Permit Capital, LLC and Miller Value Partners LP, which were also investors in GameStop alongside Hestia, are also invested in Pitney Bowes.
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