Why Shares of Pitney Bowes Are Down Today
Shares of Pitney Bowes (NYSE: PBI) fell more than 12% on Wednesday afternoon after the shipping and postal services company disclosed in a regulatory filing that director Roger Fradin had stepped down from the board. Fradin built his career as a mergers and acquisitions (M&A) specialist, and it appears some investors are taking the move as a sign Pitney Bowes won't be doing deals or finding a buyer anytime soon.
Fradin is the onetime CEO of Honeywell International's automation and control division and is the current chairman of Honeywell spinoff Resideo Technologies. He is also the former vice chairman of Honeywell, where he was responsible for the company's M&A strategy.
Image source: Getty Images.
Source Fool.com
