Murray D. Martin Explained

Murray D. Martin
Office:Chairman, President and CEO of Pitney Bowes
Term Start2:May 14, 2007
Predecessor2:Michael J. Critelli
Birth Date:11 December 1947
Birth Place:Hawkesville, Ontario, Canada
Spouse: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

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 ispart 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

Pitney Bowes

Martin's career at Pitney Bowes began when he joined Dictaphone Canada Ltd. in 1987. 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] [5]

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.[6] In a 2005 Nikkei News interview, Martin said, “Internet business has created a new growth area for postal services as well.”[7]

CEO leadership and strategy

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.[8] That same year, Pitney Bowes acquired Digital Cement Inc. and Asterion SAS.[9] [10] 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.[11] [12] In the first quarter of 2008, Pitney Bowes reported 11% growth.[13] Two years after being appointed CEO, Martin was appointed chairman of the board.[14] 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] [12] [15] [16] 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.[17] Martin retired on December 3, 2012. He was replaced by Marc B Lautenbach.

Stock price

From 2007 to December 4, 2012, the date of his announced "Retirement", Pitney Bowes has lost shareholder value[18] (79%)[19] as the stock has slipped from $47.09 a share[20] to its closing price of $11.03 a share on December 4, 2012.[21] History of Pitney Bowes since 1920 [22]

Board memberships

Martin was a director on the board of directors at the Business Council of Fairfield County, The Brink's Company, National Urban League, and Catalyst.[23] [24] [25] Martin was the charman of the board of visitors and a trustee at Sacred Heart University.[26]

Patents

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.[27] [28]

Merits, awards, and honorary degrees

Martin earned awards and honorary degrees for his involvement in philanthropy. He attributes his upbringing for his commitment to community involvement.[29]

Compensation

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.[36]

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.[37]

Ranked #264 on 2011 Forbes CEO pay list.[38]

External links

Notes and References

  1. Fishman-Lapin, Julie. "Martin Takes the Long Road". The ADVOCATE and Greenwich Times, p. F1, 2005-10-09
  2. News: Low-key executive shuns the spotlight. Financial Times. 12 February 2010.
  3. Web site: A CEO From The Age Of 5 . https://web.archive.org/web/20101105031136/http://www.forbes.com/2010/11/01/murray-martin-pitney-bowes-leadership-managing-interview_3.html . dead . November 5, 2010 . Forbes . 2014-07-30 . 2014-08-16.
  4. Frean, Alexandra."He means business when he gets his skates". The Sunday Times, p.1, 2011-06-24
  5. Web site: Pitney Bowes Newsroom | Pitney Bowes Consolidates Operating Structure . News.pb.com . 2004-09-29 . 2014-08-16.
  6. Web site: eBay Makes Shipping More Fluid . Smallbusinesscomputing.com . 2004-03-12 . 2014-08-16.
  7. Nishimura, Ayako. "Increasing business opportunities in mail order deliveries". Nikkei News, 2008-08-15
  8. Web site: Pitney Bowes plans to cut 1,500 jobs . NewsTimes . 2007-11-15 . 2014-08-16.
  9. Web site: Giselle Abramovich . Pitney Bowes completes Digital Cement acquisition - Direct Marketing News . Dmnews.com . 2007-06-01 . 2014-08-16.
  10. Web site: Pitney Bowes Newsroom | Pitney Bowes Acquires Asterion SAS . News.pb.com . 2007-09-12 . 2014-08-16.
  11. Web site: Events Archive . Amcham.org.hk . 2014-08-16 . https://web.archive.org/web/20120327020830/http://www.amcham.org.hk/index.php/component/option,com_gigcal/Itemid,483/gigcal_gigs_id,592/task,details/ . 2012-03-27 . dead .
  12. Web site: Know the CEO - Murray Martin, Pitney Bowes' Chairman, CEO & President. Part 2 of 2 . Info.outputlinks.com . 2011-08-08 . 2014-08-16 . https://web.archive.org/web/20140819085455/http://info.outputlinks.com/interviews/murray-martin/bid/59953/Know-the-CEO-Murray-Martin-Pitney-Bowes-Chairman-CEO-President-Part-2-of-2 . 2014-08-19 . dead .
  13. Web site: Pitney Bowes sees 11% Growth . WhatTheyThink . 2014-08-16.
  14. Web site: Pitney Bowes Appoints Murray Martin Chairman of the Board . Business Wire . 2008-09-09 . 2014-08-16.
  15. Web site: Pushing the Envelope . Pushing the Envelope | ChiefExecutive.net | Chief Executive magazine . ChiefExecutive.net . 2014-08-16 . https://web.archive.org/web/20140819083745/http://chiefexecutive.net/pushing-the-envelope-2 . 2014-08-19 . dead .
  16. Web site: Sorted! | Sorted! | London Business School BSR . Bsr.london.edu . 2011-11-07 . 2014-08-16.
  17. Web site: Pitney Bowes Outlines Growth Strategies for Investors - Chief Executive Officer . The-chiefexecutive.com . 2014-08-16.
  18. Web site: ((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 . 2014-08-16.
  19. Web site: ((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 . 2014-08-16.
  20. Web site: share price of pitney bowes on 5/15/2007 - Wolfram|Alpha . Wolframalpha.com . 2007-05-15 . 2014-08-16.
  21. Web site: share price of pitney bowes on 5/9/2012 - Wolfram|Alpha . Wolframalpha.com . 2012-05-09 . 2014-08-16.
  22. Web site: History of Pitney Bowes Inc. – FundingUniverse . Fundinguniverse.com . 2014-08-16.
  23. Web site: About Us of Fairfield County - Board of Directors. www.businessfairfield.com . https://web.archive.org/web/20120216021459/http://www.businessfairfield.com/boarddirectors.htm . February 16, 2012.
  24. http://www.ir-site.com/bco/directors.asp
  25. Web site: Catalyst Boards . Catalyst.org . 2014-08-12 . 2014-08-16 . https://web.archive.org/web/20090318074501/http://catalyst.org/page/89/catalyst-boards . 2009-03-18 . dead .
  26. Web site: Murray D. Martin - Sacred Heart University . 2011-07-24 . https://web.archive.org/web/20110927003145/http://www.sacredheart.edu/pages/35019_murray_d_martin.cfm . 2011-09-27 . dead .
  27. Web site: United States Patent: 6954742 . Patft.uspto.gov . 2014-08-16.
  28. Web site: United States Patent: 7849317 . Patft.uspto.gov . 2014-08-16.
  29. Web site: Murray Martin . Leaders April 2009 – An Interview with Murray Martin, Chairman, President, and Chief Executive Officer, Pitney Bowes Inc . Leadersmag.com . 2014-08-16.
  30. Web site: Pitney Bowes CEO Honored With Volunteerism Award : FundRaising Success . Fundraisingsuccessmag.com . 2009-03-11 . 2014-08-16.
  31. Web site: CACR: First CACR Distinguished Fellow Award . Cacr.math.uwaterloo.ca . 2001-10-01 . 2014-08-16.
  32. Web site: www.ucanhelp.org . www.ucanhelp.org . 2014-08-16.
  33. Web site: clcstamford.org . clcstamford.org . 2014-08-16 . https://web.archive.org/web/20140819085525/http://clcstamford.org/ . 2014-08-19 . dead .
  34. Web site: SHU Announces 45th Commencement Honorary Degree Recipients - Sacred Heart University . 2011-07-24 . https://web.archive.org/web/20110831205051/http://www.sacredheart.edu/pages/39409_shu_announces_45th_commencement_honorary_degree_recipients.cfm . 2011-08-31 . dead .
  35. Web site: Home | Waterloo News . Newsrelease.uwaterloo.ca . 2013-11-20 . 2014-08-16.
  36. Web site: Summary of PITNEY BOWES INC /DE/ - Yahoo! Finance . biz.yahoo.com . 2 February 2022 . https://archive.today/20120707043857/http://biz.yahoo.com/e/120517/pbi8-k.html . 7 July 2012 . dead.
  37. Web site: George W. Buckley at 3M (MMM) Executive Compensation . Equilar.com . 2008-12-31 . 2014-08-16 . dead . https://web.archive.org/web/20120914033759/http://www.equilar.com/CEO_Compensation/Pitney_Bowes_Murray_D._Martin.php . 2012-09-14 .
  38. News: #264 Murray D Martin . Forbes . 2011-04-13 . 2017-09-05 . 2016-09-04 . https://web.archive.org/web/20160904033318/http://www.forbes.com/lists/2011/12/ceo-compensation-11_Murray-D-Martin_TODJ.html . dead .

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