On Friday, Pitney Bowes announced that Todd Everett (now a former Board member and former CEO of Newgistics) will take over as EVP and president of the company's SendTech Solutions segment. We think Mr. Everett's experience will enable PBI to accelerate its growth within the shipping software subsegment of SendTech. With Mr. Everett shifting to senior management, Pitney Bowes announced that Wayne Walker, an experienced public company director, will replace him on the Board of Directors. In addition, PBI announced that Christopher Johnson (who was SVP and president of Global Financial Services, a subsegment of SendTech) is no longer with the company. Leadership of Pitney Bowes Bank and the rest of Global Financial Services will now report directly to Kurt Wolf (CEO), Paul Evans (CFO) and Wes Kirschner (SVP of IT and Security). We think a more streamlined reporting structure will enable a more hands-on approach as PBI looks to drive more value from Pitney Bowes Bank and Global Financial Services. For now, we maintain our 2025 and 2026 EPS estimates at $1.30 and $1.36, respectively. Our moderate risk rating on PBI factors in the company's improved earnings profile, ample free cash flow and increasing dividends (raised in July by $0.01 per quarter to $0.08 per share).