Hedge fund Hestia Capital Management is pressing for a change of chief executive officer at shipping services company Pitney Bowes, ahead of a strategic review of the company's e-commerce business, according to a report by the Wall Street Journal.

The activist investor, which is the third largest shareholder in Pitney Bowes with an 8.4% stake, has nominated Lance Rosenzweig to replace Marc Lautenbach, who has served as president and CEO at the firm since December 2012.

Hestia nominated a slate of seven executives for election to the Pitney Bowes board at the company's AGM earlier in the year, and has now put forward five candidates, including Rosenzweig, for election at the board's next meeting which is scheduled for 9 May.

According to Hestia, if elected, the new directors would target a $15-plus stock price in the coming years. Pitney Bowes shares closed at $3.83 on Tuesday, 27% lower than a year ago.