The Board of Directors of Pitney Bowes Inc. (NYSE:PBI) today announced that effective January 1, 2009 Pitney Bowes Chief Executive Officer (CEO) Murray D. Martin will become Chairman of the Board of Directors. Mr. Martin has been CEO since May 2007 and he will retain these responsibilities when this new appointment becomes effective.
Stefan Prohaska brings 23 years of technical experience
Dividend Increase Consistent with Long-Term Earnings Growth Guidance
UPM will adopt a completely new business structure during the autumn. In the future the company will consist of three Business Groups which are: 1) Energy and Pulp, 2) Paper, and 3) Engineered Materials. Previously the company consisted of five divisions. The change will take effect on December 1, 2008. The current organisation will continue until then.
The Edipresse Group reported a rise in net income for first half of 2008. The company benefited from positive developments in its Internet activities, businesses in emerging markets (Eastern Europe and Asia) and from the exceptional gain realized from the sale of its Edimpresa joint venture participation in Portugal. Edipresse however witnessed decreased margins in Switzerland and Spain.
Investments combined with capacity reductions to improve cost base and safeguard critical customer volumes and assets
UPM continues actions to secure its profitability in a business environment of slow growth and rising costs. UPM reorganises its business structure and plans to close its least competitive paper and pulp capacity in Finland as well as to streamline operations in all business groups, units and functions. The number of employees affected by the programme is estimated to be approximately 1,600 in 2009-2010.
