Murray D. Martin

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Murray D. Martin
Murray D. Martin.jpg
Chairman, President and CEO of Pitney Bowes
Assumed office
May 14, 2007
Preceded by Michael J. Critelli
Personal details
Born (1947-12-11) December 11, 1947 (age 69)
Hawkesville, Ontario, Canada
Spouse(s) Ruth
Children 3

Murray D. Martin (born December 11, 1947) is the former Chairman, President and Chief Executive Officer of the U.S.-based Pitney Bowes (NYSE: PBI). In 2007, he was appointed CEO to succeed Michael J. Critelli. Martin joined Pitney Bowes in 1987 and is best known for Pitney Bowes’ transformation from an American company selling goods and services into a global company.[1]

Early life and career[edit]

Son of a minister and raised with his six siblings in rural Hawkesville, Ontario, Canada, Martin developed his passion for hockey, reading, business, and inventing things.[1] One of his inventions was a telegraph system to communicate with friends. Raising German shepherds and boxers was Martin’s first business which he started at 5 years old.[2][3] At 10, he was managing a country store. A hockey-related injury at age 15 resulted in the permanent gold cap on his front tooth.[4]

“When I was selling things, customers would say, ‘I want the guy with the gold tooth’. It is part of who I am,” said Martin in The Times of London.[4]

His sales career began at 19 when he joined Litton Industries’ Monroe Systems for Business. Within ten years, Martin rose to become the company’s president.[2]

Executive career[edit]

Pitney Bowes[edit]

Martin’s career at Pitney Bowes began when he joined Dictaphone Canada Ltd. in 1987.[5] Three years later, Martin was appointed President of Pitney Bowes Copier Systems. While at the company’s international business operations from 1998 to 2001, Pitney Bowes’ international revenue doubled which came to represent 25 percent of the total company’s revenue. In 2004, CEO Michael J. Critelli and Pitney Bowes’s Board of Directors appointed Martin to President and Chief Operating Officer (COO).[2][6]

During his tenure as President and COO, Pitney Bowes’ international revenue quadrupled.[1] Martin led the work that developed early partnerships with Internet companies such as eBay.[7] In a 2005 Nikkei News interview, Martin said, “Internet business has created a new growth area for postal services as well.”[8]

CEO leadership and strategy[edit]

In 2007, Martin was appointed Pitney Bowes CEO.[2] He led the company’s restructuring which included eliminating 1,500 jobs, representing 4 percent of its global workforce.[9] That same year, Pitney Bowes acquired Digital Cement Inc. and Asterion SAS.[10][11] He was architect in total of 70 acquisitions expanding Pitney Bowes’ reach throughout all segments of the mailstream, including mail services and work sharing with the acquisition of PSI, software with the acquisition of Group 1 and MapInfo, and marketing services with the acquisition of Imagitas and AAS/PMH.[12][13] In the first quarter of 2008, Pitney Bowes reported 11% growth.[14] Two years after being appointed CEO, Martin was appointed Chairman of the Board.[15] Martin's strategies for Pitney Bowes' included expanding into adjacent lines of business either through innovation or acquisition. Creating processes for new products and service offerings that use Pitney Bowes technologies were also part of his approach to strategy. Martin is leading the company's transition through Pitney’s Strategic Transformation to keep Pitney Bowes sustainable for another 90 years.[3][13][16][17] Martin's announcement of the specific strategies included web-based and web-enabled services for small and medium businesses. Third party secure transactions, customer communications management, records and information management for industries such as financial services, insurance, telecommunications, and government were other areas of focus.[18] Martin retired on December 3, 2012. He was replaced by Marc B Lautenbach.

Stock price[edit]

From 2007 to December 4, 2012 the date of his announced "Retirement", Pitney Bowes has lost approximately $7.9 billion in shareholder value[19] (79%)[20] as the stock has slipped from $47.09 a share[21] to its closing price of $11.03 a share on December 14, 2012.[22] Since under his leadership the venerable company has lost more stockholder value since its incorporation in 1920 [23] it is largely held that his leadership and his leadership team was a failure

Board memberships[edit]

Martin is Director on the board of directors at the Business Council of Fairfield County, The Brink's Company, and Catalyst.[24][25][26] Martin is Director on the board of visitors at Sacred Heart University.[27]

Patents[edit]

Martin is named on two patents. Closed loop postage metering system and method for mail address block image information encoding, protection and recovery in postal payment applications.[28][29]

Merits, awards, and honorary degrees[edit]

Martin earned awards and honorary degrees for his involvement in philanthropy. He attributes his upbringing for his commitment to community involvement.[30]

  • Volunteer Center of Southwestern Fairfield County Heart of Gold Award[31]
  • Centre for Applied Cryptographic Research (CACR) Distinguished Fellow Award[32]
  • The Volunteer Center of Southwestern Fairfield County Heart of Gold Award 2009[33]
  • Childcare Learning Centers Community Service Award 2011[34]
  • Sacred Heart University Honorary Doctor of Humane Letters degree[35]
  • University of Waterloo Honorary Doctorate[36]

Compensation[edit]

On May 17, 2012, Pitney Bowes filed Form 8K with the Securities and Exchange Commission, announcing that shareholders had rejected the advisory vote on executive compensation at the company.[37]

While CEO of Pitney Bowes in 2008, Murray D. Martin earned a total compensation of $5,115,280, which included a base salary of $941,667, a cash bonus of $2,109,000, no stocks, and options granted of $1,950,000.[38]

Ranked #264 on 2011 Forbes CEO pay list.[39]

References[edit]

  1. ^ a b c Fishman-Lapin, Julie. "Martin Takes the Long Road". The ADVOCATE and Greenwich Times, p. F1, 2005-10-09
  2. ^ a b c d http://www.ft.com/intl/cms/s/f386e550-1824-11df-9256-00144feab49a,dwp_uuid=e1d839dc-f6d4-11da-a566-0000779e2340,print=yes.html
  3. ^ a b "A CEO From The Age Of 5". Forbes. 2014-07-30. Retrieved 2014-08-16. 
  4. ^ a b Frean, Alexandra."He means business when he gets his skates". The Sunday Times, p.1, 2011-06-24
  5. ^ [1][dead link]
  6. ^ "Pitney Bowes Newsroom | Pitney Bowes Consolidates Operating Structure". News.pb.com. 2004-09-29. Retrieved 2014-08-16. 
  7. ^ "eBay Makes Shipping More Fluid". Smallbusinesscomputing.com. 2004-03-12. Retrieved 2014-08-16. 
  8. ^ Nishimura, Ayako. "Increasing business opportunities in mail order deliveries". Nikkei News, 2008-08-15
  9. ^ "Pitney Bowes plans to cut 1,500 jobs". NewsTimes. 2007-11-15. Retrieved 2014-08-16. 
  10. ^ Giselle Abramovich (2007-06-01). "Pitney Bowes completes Digital Cement acquisition - Direct Marketing News". Dmnews.com. Retrieved 2014-08-16. 
  11. ^ "Pitney Bowes Newsroom | Pitney Bowes Acquires Asterion SAS". News.pb.com. 2007-09-12. Retrieved 2014-08-16. 
  12. ^ "Events Archive". Amcham.org.hk. Retrieved 2014-08-16. 
  13. ^ a b Mon, Aug 08, 2011 (2011-08-08). "Know the CEO - Murray Martin, Pitney Bowes' Chairman, CEO & President. Part 2 of 2". Info.outputlinks.com. Retrieved 2014-08-16. 
  14. ^ "Pitney Bowes sees 11% Growth". WhatTheyThink. Retrieved 2014-08-16. 
  15. ^ "Pitney Bowes Appoints Murray Martin Chairman of the Board". Business Wire. 2008-09-09. Retrieved 2014-08-16. 
  16. ^ Pushing the Envelope. "Pushing the Envelope | ChiefExecutive.net | Chief Executive magazine". ChiefExecutive.net. Retrieved 2014-08-16. 
  17. ^ "Sorted! | Sorted! | London Business School BSR". Bsr.london.edu. 2011-11-07. Retrieved 2014-08-16. 
  18. ^ "Pitney Bowes Outlines Growth Strategies for Investors - Chief Executive Officer". The-chiefexecutive.com. Retrieved 2014-08-16. 
  19. ^ "((market cap of pbi on 5/14/2007) - (market cap of pbi on 12/4/2012))/(market cap of pbi on 5/14/2007) - Wolfram|Alpha". Wolframalpha.com. Retrieved 2014-08-16. 
  20. ^ "((market cap of pbi on 5/14/2007) - (market cap of pbi on 5/14/2012))/(market cap of pbi on 5/14/2007) - Wolfram|Alpha". Wolframalpha.com. Retrieved 2014-08-16. 
  21. ^ "share price of pitney bowes on 5/15/2007 - Wolfram|Alpha". Wolframalpha.com. 2007-05-15. Retrieved 2014-08-16. 
  22. ^ "share price of pitney bowes on 5/9/2012 - Wolfram|Alpha". Wolframalpha.com. 2012-05-09. Retrieved 2014-08-16. 
  23. ^ "History of Pitney Bowes Inc. – FundingUniverse". Fundinguniverse.com. Retrieved 2014-08-16. 
  24. ^ [2] Archived February 16, 2012, on Wayback Machine.
  25. ^ http://www.ir-site.com/bco/directors.asp
  26. ^ "Catalyst Boards". Catalyst.org. 2014-08-12. Retrieved 2014-08-16. 
  27. ^ http://www.sacredheart.edu/pages/35019_murray_d_martin.cfm
  28. ^ "United States Patent: 6954742". Patft.uspto.gov. Retrieved 2014-08-16. 
  29. ^ "United States Patent: 7849317". Patft.uspto.gov. Retrieved 2014-08-16. 
  30. ^ Murray Martin. "Leaders April 2009 – An Interview with Murray Martin, Chairman, President, and Chief Executive Officer, Pitney Bowes Inc". Leadersmag.com. Retrieved 2014-08-16. 
  31. ^ "Pitney Bowes CEO Honored With Volunteerism Award : FundRaising Success". Fundraisingsuccessmag.com. 2009-03-11. Retrieved 2014-08-16. 
  32. ^ "CACR: First CACR Distinguished Fellow Award". Cacr.math.uwaterloo.ca. 2001-10-01. Retrieved 2014-08-16. 
  33. ^ "www.ucanhelp.org". www.ucanhelp.org. Retrieved 2014-08-16. 
  34. ^ "clcstamford.org". clcstamford.org. Retrieved 2014-08-16. 
  35. ^ http://www.sacredheart.edu/pages/39409_shu_announces_45th_commencement_honorary_degree_recipients.cfm
  36. ^ "Home | Waterloo News". Newsrelease.uwaterloo.ca. 2013-11-20. Retrieved 2014-08-16. 
  37. ^ [3][dead link]
  38. ^ "George W. Buckley at 3M (MMM) Executive Compensation". Equilar.com. 2008-12-31. Retrieved 2014-08-16. 
  39. ^ "#264 Murray D Martin". Forbes. 2011-04-13. 

External links[edit]