"We believe this decline in EBITDA is largely driven by a misguided strategy of shifting away from Newgistics' roots as a niche logistics player to that of a large-scale logistics player," Hestia's proxy filing said. "This decision has forced Pitney Bowes' domestic parcel business to compete more directly with far more well capitalized companies such as FedEx Corporation, United Parcel Service, Inc. and DHL Group. By returning to being a niche player in the e-commerce logistics space, we believe that the domestic parcel business can thrive as a smaller, profitable and growing business."