Pitney Bowes (PBI) said late Wednesday that its board appointed sitting director Kurt Wolf as its chief executive officer, starting immediately.

Wolf succeeds Lance Rosenzweig, who is retiring but will become a consultant to the company.

Wolf and the rest of the leadership team will conduct a "comprehensive strategic review" over the remainder of 2025, supported by independent advisors, Pitney said. The goal is to "produce a clear strategy for maximizing the value of the businesses."

The company also intends to repurchase $150 million of its shares in 2025 based on its strong outlook for free cash flow and other financial metrics. It plans to "continue evaluating increases to its dividend."

Furthermore, Pitney said it is now on track to achieve its 3.0x adjusted leverage ratio target by the end of Q2, a quarter sooner than previously set out and without retiring additional debt.

The company also reaffirmed all aspects of its previously announced 2025 financial guidance.

Shares of the company jumped almost 12% in after-hours activity.