Stamps.com Taps Marvin Runyon for Its Board
Runyon, who oversaw the USPS from 1992 to 1998, is generally credited with the turnaround and modernization of the USPS and was one of the few postal leaders who looked to technology to speed up mail processing. During his tenure, robotics computers, optical-character readers, and automated tray management systems were added.
In addition, he helped eliminate the $2 billion deficit the USPS faced in 1993, and set records for on-time service performance and customer satisfaction while operating
the USPS with an earning surplus.
"Stamps.com has embraced my vision of using technology to provide even greater convenience to the postal customer," said Runyon in a statement. "I am excited to assist an already strong management team in building quality operations and systems to support what will be a large and rapidly growing segment of the postal industry."
Loren E. Smith, former chief marketing officer of the USPS, and David C. Bohnett, founder and chairman of GeoCities, were also elected to Stamps.com's board of directors.
Also, Stamps.com completed a $30 million private equity placement led by Vulcan Ventures, an investment affiliate of Microsoft co-founder Paul Allen, as well as Chase Capital Partners, David Bohnett and Runyon.
Stamps.com is one of a handful of electronic stamp companies approved by the USPS for entry into its electronic stamp program, known as the Information Based Indicia Program, which began in 1996. Other USPS-approved companies include E-Stamp Corp., Palo Alto, CA; NeoPost, Hayward, CA; and Pitney Bowes, Stamford, CT.
The USPS plans to expand its program to 10,000 customers per company and to add the New York area to the pilot program by spring or early summer. Other companies may still apply for program membership.