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Operations Exec Replaces Pitney Bowes CFO

Former unit CFO Michael Monahan also drove development of new products. Bruce Nolop will leave after an eight-year tenure.
Kate PlourdFebruary 21, 2008

Bruce Nolop, who has been finance chief at Pitney Bowes for eight years, will depart on March 1, amid a senior management shake-up at the mail technology company. He is leaving to “pursue a senior executive position outside of the company,” according to a recent announcement from Pitney Bowes.

The departure of the 57-year-old Nolop is one of two significant management changes made at the Stamford, Conn.-based company. Nolop will be replaced by Michael Monahan, a one-time business unit CFO with Pitney Bowes, and currently executive vice president and president of Mailstream Solutions and Services Americas, a unit that generates $3 billion in annual revenues.

“Mike brings a unique combination of financial and operational expertise … and a strong track record in leading our largest business unit,” noted company CEO Murray Martin in a statement. Monahan spent eight years at PricewaterhouseCoopers, and 10 years with Pitney Bowes, holding several corporate finance positions in accounting, investor relations, corporate development, as well as finance chief of a business unit.

As president of the Mailstream business, Monahan directed strategy and global product development of offerings that helped Pitney Bowes break out of its long-time postage meter niche, including integrated web-based shipping solutions and postal kiosks. He also led the expansion of mail services and marketing services, which today contributes more than $600 million in incremental revenue to the company.

The company also created the new position of executive vice president and president of Mailing Solutions Management, which will be filled by Leslie Abi-Karam, the former executive vice president and president of the Document Messaging Technologies business unit. Abi-Karam will head the newly consolidated U.S. mailing products and services businesses, which generate about $3.5 billion annually.

In thanking Nolop for his service, Martin pointed out that the outgoing CFO was instrumental in moving Pitney Bowes into the Internet: “He was a key member of the team that transformed Pitney Bowes to a broad-based mailstream technology company and was the architect of our acquisition strategy … Pitney Bowes is a much stronger company because of Bruce’s contributions.”

In January, Nolop was elected to serve as an independent director at insurance broker Marsh & McLennan. He also serves as a director on the board of JA Worldwide and the Regional Plan Association.